I use one vehicle for 2 rental properties:
The total property tax portion of the registration fee for the car is $1200
The total miles for the car is: 4000
Miles for property A is 1000, business percentage:25%
Miles for property B is 1000, business percentage:25%
Under "the car and truck Expenses worksheet":
For property A:
4c Total Miles: 4000
5. Miles for business: 1000
8. Percent for business use: 25%
26. 1000*0.545 = $545
27. Additional Expenses:
d. The property tax portion of the registration fee for the car = $1200
e. less person portion = ($900)
28. Total Expense: $845
For property B, everything is the same as what I did for property A
The allocations for the property tax portion of the registration fee seems all correct!
But when I look at Schedule A,
5c) State and Local Personal Property Taxes: Turbo Tax put: $1800
Which is wrong, because Sch A (5c) supposed to be the non-business portion of the personal property taxes we paid on the car, which should be 1200 - 300 - 300 = $600, or half of $1200.
So, I am very confused about how to allocate the expenses on the "Car and Truck expenses worksheet" for the two properties with that use one vehicle.
Your help is greatly appreciated!
--Li
