Under the ride sharing expenses can i use my car insurance payments under the business insurance expense

Forum|Forum|7 years ago
June 4, 2019
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Best answer by DawnC0

You can claim your insurance expense under ''Business Insurance'' if you have commercial car insurance, not normal personal auto insurance which goes under ''Vehicle Expense''. The Business Insurance category is for liability, healthcare, or commercial insurance for your business.

You can claim the business portion of your car insurance expense if you use the 'Actual Expenses' method to calculate your vehicle expense. With the actual expense method, you must keep track of all your work and personal mileage, and all your car expenses (gas, oil changes, tires, other maintenance and repairs, depreciation and insurance). Then you can deduct the percentage of actual expenses that is your percentage of work mileage.

If you use the standard mileage rate, that rate already includes allowances for all your car expenses (insurance, gas, repairs, insurance etc.) and you can't deduct it again separately.

DawnC0Answer

Level 12

If you use the standard mileage rate, that rate already includes allowances for all your car expenses (insurance, gas, repairs, insurance etc.) and you can't deduct it again separately.

rossfrancom

Level 2

In addition to my regular/personal auto insurance I have separate ride share insurance, can that separate policy be claimed as a deduction if I use the standard deduction for my personal auto insurance?

What other deductions might I use for ride share?

xmasbaby0

Level 15

@rossfrancom

Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sidecar-and-other-Car-Sharing-Drivers/INF28820.html

https://ttlc.intuit.com/community/charges-and-fees/help/how-can-i-apply-my-uber-discount-to-my-turbotax-account/00/27505

https://ttlc.intuit.com/community/account-management/help/why-isn-t-my-lyft-discount-being-applied-to-my-turbotax-account/00/27366

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**