Originally Posted by TomCopeland:
You need to keep records that show you used these vehicles 100% for your business. This means records showing each trip you made and the miles it represented. Then, like anyone else using a vehicle for their business, you can use either the standard mileage rate or the actual expenses method for claiming vehicle expenses.
One last thing,
I'm claiming the actual expense method...so would all expenses for this vehicle be deducted at a 100% (gas, insurance, repairs etc.) this is a new auto purchase in 2012.
Deprecation-since the auto is used a 100% for business would I be entitled to deducted the entire purchase price ($30,000) or will it still be limited to the limitation amount ($11,160)?
I'm trying to see over all for my "business and family" if its worth having a second auto with a monthly note. Thanks!