Once the actual cost method is used, a taxpayer cannot change to the automatic mileage method in a later year.

Name: Once the actual cost method is used, a taxpayer cannot change to the automatic mileage method in a later year.
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Question

Quizplus · Accepted Answer

A taxpayer can switch from the actual cost method to the standard mileage rate method in a later year, but not the other way around. Once the actual cost method is chosen, it cannot be changed for that specific vehicle.

Once the Actual Cost Method Is Used, a Taxpayer Cannot