A taxpayer who is a sole-proprietor has a vehicle that they use for business purposes. It is the only vehicle used and is used 100% for business purposes. The first year they placed the vehicle in service was treated using the actual expense method. They wish to switch to using the standard mileage rate now that the vehicle has depreciated. Can they do this?Why or why not?

Answer rating: 100% (QA)

Yes a taxpayer who is a sole proprietor and initially used the actual expense method for a business ... View the full answer