I purchased a 2012 GMC Terrain in Oct 2014. I first started using the vehicle for business in August 2018. More than 50% of the mileage is used for business. How should I calculate the depreciation expense?
Depending on what year you are filing your taxes for, you need to complete Form 4562 which will walk you through how to calculate the depreciation expense you can deduct on your tax return. I’ve written an article on how auto depreciation works, it also includes the requirements that you need to meet to qualify for depreciation and a link to Form 4562.
Best of luck
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