Thank you, Carolyn! This is the first thing I've read on this topic that makes sense to me - finally. So if I'm understanding this correctly, if the value of one's car isn't really depreciating as quickly as the amount factored into the equation used to calculate the standard mileage deduction, we owe the difference? I think I've finally got it. Never gave this a second thought before this. Thanks also to all those who brought up this issue and commented on it in the past!
I usually leave this stuff up to my accountant, but I also tend to keep a car a long, long time, since I manage to keep most of my appointments pretty close to home. I guess this has never been an issue for me. (I hope!) |
