A. Maybe. If you’re deducting actual expenses instead of using the standard mileage rate (58.5 cents per mile for 2008), you must recapture some of your prior depreciation deductions if your business use for the year drops below 50 percent. Plus, you can use only straight-line depreciation this year. Keep an eye on the business-versus-personal percentage to avoid this tax trap. Tip: Once you begin deducting actual expenses for a vehicle, you can’t switch to the standard mileage rate in a later year (but you can do it the other way around).
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