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Best answer by MargaretL

No, you don't have to claim the vehicle as an asset if you are taking standard mileage deduction.  A vehicle must be entered as an asset when taking actual expenses and the depreciation method, but not for standard deduction method.

1 reply

MargaretL
MargaretLAnswer
Employee
June 6, 2019

No, you don't have to claim the vehicle as an asset if you are taking standard mileage deduction.  A vehicle must be entered as an asset when taking actual expenses and the depreciation method, but not for standard deduction method.