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?
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1 Replies
Michele C1
Employee Tax Expert
May 22, 2024 3:13:22 PM
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.