I'm in a new job.
I am using the vehicle I currently own which is new.
I want to get a used vehicle with <80k miles to use specifically for work.
Are there any tax advantages to buying a business vehicle?
I plan to run it up to 150k-ish miles and then sell it. I expect this to happen about every two to three years.
What options do I have when I sell it and buy a new one?
I want to make sure I get a reliable vehicle but I also want to know if there are tax breaks that can be considered when deciding how much to spend?
I intend to pay cash for the car.
[SOLVED] depreciation is also a part of the standard mileage deduction and can not be considered unless choosing to itemize expenses versus claiming the standard mileage deduction. In which case the purchase of the car can be claimed as an expense and the money gained when selling should be claimed as income
Submitted December 07, 2018 at 10:22AM by UrKungFuNoGood https://ift.tt/2UpQck7
