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Deductions & credits
I'm definitely in the business at this point. I've got a 1099-k, but as I go through the steps in turbotax, I'm just confused as how I enter the vehicle and mileage. The way I'm doing it now, is by adding the two vehicles to this business and then using a standard mileage deduction, including the parking fees, fees turo charges me, etc. I'm showing a massive loss on paper which is helping my taxes owed, but I'm just not sure I've set it up correctly. The way I read it is that I'm driving all those miles, not that I'm renting the vehicle out and I'm not sure if that is the correct way to do it.
March 11, 2025
12:30 PM