New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Question
Is the optimization no longer available for luxury autos after the first year of service?
Answer
The ability to optimize a 1040 luxury auto between standard mileage and actual cost is limited to the first year the auto is placed in service. This is because changing between the two options after the first year may or may not be allowed and may entail adjusting the basis and life of the asset.
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