car used in more than one business (4562)


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I'm self employed and deduct car expenses and depreciation on Form 4562. This year I started a 2nd business. Since I also use the car for the new business, I track the mileage separately for each company.

I'm required to fill out two Forms 4562 -- one per business. When completing Part V Section B, it appears I'll need to include in each Line 32 (personal miles) the miles driven for the *other* business. This seems to be the only way to make Line 33 (total miles) correct and thus yield the correct percentage for each business.

Is this how it should be done, or does someone have a better suggestion?
 
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Anyone?

Normally in this situation I think a single 4562 could be used to calculate vehicle depreciation based on total business mileage, which would then be split between the two Sch C's with an explanatory note attached.

But in my case, one of the businesses is a land development company, so current vehicle expenses (including depreciation) must capitalized and can only be taken when the project is sold, which could be a couple of years in the future.
 

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