Depreciate a vehicle and use standard mileage (instead of Actual)

Options
hameshatumko
hameshatumko Member Newcomer

Hi,

I purchased a ~$40k Tesla Model 3. I used it for ~60% for the business and ~40% personal. Ideally, I want to use the standard mileage for expenses and use the purchase cost to depreciate the vehicle. How do I do that? I hope that I am not stuck with Actual Mileage method to be able to depreciate the vehicle each year for business.

Thanks!

Answers