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Level 2
May 22, 2024
Question

"less than 5"

  • May 22, 2024
  • 1 reply
  • 25 views

Personal taxes. I am filing married jointly, so between myself and spouse, can we have 8 cars and use standard mileage deduction? We co-own the cars. To still qualify for the rule, should we own 4 cars each and not co-own or does it matter? 

1 reply

Michele C1
Employee Tax Expert
Employee Tax Expert
May 22, 2024

IRS Topic 510 indicates "You must not operate five or more cars at the same time".  So do you own and operate more than 5 at the same time?  That would be the deal breaker.  I do not see any exception to that rule.  But you may qualify to use actual so you may not completely lose the expense.