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I complete a schedule c for my small business (sole prop).

If I use the mileage...
I complete a schedule c for my small business (sole prop). If I use the mileage instead of vehicle expenses, can I still use my tolls and parking expenses as deductions?

Also, I changed cars on 5/01/2009. The car I used from 1/01/09 to 4/30/09 was a lease and turned in. Where do I indicate this? Thank you.
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Answered in 47 minutes by:
9/1/2010
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Hi Customer

Thank you for using justanswer. Yes, you may claim your parking and tolls as an expense even if you claim the standard mileage deduction. Please see below:

Parking fees and tolls.

Normally, when you own a vehicle that you used in business and took the standard mileage deduction, and you trade that car in, the a portion of the standard mileage is considered depreciation, and if you trade that car in for another, then you must adjust that basis of the new car by that depreciation portion.

Since you don't own the leased vehicle, this does not apply, so there should be no tax consequences for turning the leased car back in

I hope this helps
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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