| | Vehicle Deduction
Can you take the Mileage deduction and also write off the purchase price of the Vehicle. I bought it at the auction in 2007 for my business and drove it off the lot after paying $2,985.13, but didn't write it off on last years return.
If so I would have to file an Amend.
Also the $2,985.13 cost was the winning bid price plus the fees and tax. If the Purchades price is deductible, do I deduct the winning bid price and the fees and tax? The winning bid was $2,300.00 and the rest was fees and tax.
Whats deductible and whats not anybody know?