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Level 1
January 2, 2023
Question

Can i claim my auto insurance under business insurance expenses if i also claimed the standard mileage deduction for my vehicle?

  • January 2, 2023
  • 2 replies
  • 10 views
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2 replies

Mike9241
Level 15
Level 15
January 2, 2023

no. the std mileage rate is for all expenses except parking an tolls. 

Mike9241
DoninGA
Level 15
Level 15
January 2, 2023

No.  The auto insurance premiums can only be deducted if you are using the actual expenses method, not the mileage method.

 

Line 15 on Schedule C for Insurance is only used for the premiums paid for business insurance.