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Buying new vehicle
Looking for some advice with taxes. Buying a new vehicle but since I’m retired I can’t finance as I don’t show income and don’t have enough history with uber for that to be viable as well. Decided to withdrawal from a 401 and pay cash. Taking a pretty good tax hit on the 401 withdrawal. My question is how should I play this? Take the mileage deduction each year or depreciation? Being a new car I won’t have much in the way of maintenance in the first year or two. I’ll prob do +/- 50k miles a year here in the Houston area. I think the mileage deduction makes the most sense but looking to others experiences to make sure I’m doing the right thing.
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