510 May 2026

: You must maintain adequate records or evidence to support your statement of expenses.

: If a car is used for both business and personal trips, you may only deduct the portion of costs attributed to business use. : You must maintain adequate records or evidence

: You multiply the business miles driven by a set IRS rate. This requires you to choose this method in the first year the car is available for business use. : You must maintain adequate records or evidence

: If you choose the standard mileage rate for a leased vehicle, you must use it for the entire lease period. 📈 Filing Requirements : You must maintain adequate records or evidence

: You track the actual cost of operating the car. This includes gas, oil, repairs, tires, insurance, and registration fees. 🛠️ Key Rules and Limitations