Standard Mileage Rate for a Ford F350

[Tax Prep by Deb]

I am so mind boggled right now, I'm not thinking straight.  Can you use the standard mileage rate for a vehicle that is not a listed vehicle?

 

My client has a big Ford F-350 which is definitely not a  listed vehicle, used 100% for work with documentation.  Would rather take mileage deduction, but it seems that it might only be for listed vehicles as it is under that tab that you calculate the miles etc...

 

Any thoughts?

[rfassett]

No restriction that I am aware of, but with a truck that big, I'd be very surprised if his actual expenses weren't higher than the mileage allowance.

[Tax Prep by Deb]

It is but he is looking to keep this vehicle well past the time it takes to depreciate, so we were thinking of starting with mileage, then perhaps switching to depreciation if his plan changes.

[joanmcq]

Depreciate straight line, and don't take any bonus.

Edited February 13, 2015 by joanmcq

[schirallicpa]

First of all, Deb, what is your dogs name.

 

Second - I am thinking that even in the long run, the actual expense of running a truck like that outweighs the std mileage.  By the time you consider gas, tires, insurance, maintenance, registration. 

And - having done a ton of returns for guys that buy trucks, i have never known one to actually keep one that long. 

Just my 2 cents.

[Cathy]

Deb,

I'm familiar with the procedure you mentioned with regard to the no standard mileage rate for heavy vehicles as they don't qualify for it....school buses for sure must use actual expenses...

In Quickfinders I saw a reference to Rev Pro 2010-51 "for detailed definitions and discussion of using standard mileage rates".. You will probably find what you're looking for in that Procedure. Holler if not and when I get a little extra time, I'll find what you need...I need a copy for my records to keep handy!

Cathy