Car depreciation – the car is owned personally, I own an S Corp
I own an S Corp, and include the K-1 information on my personal tax filing. I purchased a car last year in my name (personal ownership, not business), however, I use the car 80% for work. Can I depreciate the cost of the car?
Thank you for your question regarding whether or not you can depreciate your vehicle. If you use your vehicle for business as well as personal use, you can deduct the miles driven for business only – not personal use. Our Car Depreciation guide shows you how to calculate your depreciation deduction step by step.
Best of luck,
Crystalynn Shelton, CPA
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