Quote:
Originally Posted by wakeboarder109
I'm currently driving around 20k miles/year so I would say that's a safe estimate. I was initially thinking the lease would be the way to go but it looks like purchasing under Section 179 could give some substantial deductions (i.e. $25,000 for the first year).
For any of the accountants out there, is there a worksheet or formula for this? I've been looking but haven't found one yet.
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That's a lot of miles. Buying seems to work out best cause you'll pay quite a bit.. I've never leased over 15k miles, but the higher the miles, the lower the residual….
Quote:
Originally Posted by W Cole
I believe it's depreciation OR mileage write off and I forget which way it is but once you choose depreciation you can't switch to mileage but if you choose mileage you can switch to depreciation (I may have that reversed).
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Interesting. I'm not sure as I've only leased. I've never bought…. so it would be best if a CPA chimed in.