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Author: markup123 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123037  
Subject: Tax deduct car as business asset? Date: 2/26/2001 11:40 PM
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My wife spent all of 2000 self-employed as an independent sales rep. She used her own car to travel for business, as well as for personal use. We have good records of all the business travel mileage and expenses. In mid-year, she traded in the car and bought a new one. Again used it for personal and business use, for the remainder of the year. We have good records of this use also.

Is the car that she sold (or the one she bought) considered a business asset? Or is a portion of it an asset? I understand that I can claim either 1) the standard mileage deduction or 2) the actual expenses with depreciation. Which one is better to use for a car on which about 33% of the miles are business miles?
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