Yes, an automobile is listed property. Being listed property does not mean you cannot depreciate it or cannot deduct expenses associated with your Uber work. Listed property is property that can be used for business and personal use. And yes, there are are special recordkeeping requirements and restrictions on depreciation and expensing with regard to listed property. Additionally, computers, computer peripherals, photographic equipment, audio, and video equipment, and other types of property that are often used for both personal and business purposes are also types of listed property.
The IRS' Topic No. 510 Business Use of Car provides the following information about vehicles:
- To use the standard mileage rate for a car you own, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.
- Actual Expenses - To use the actual expense method, you must determine what it actually costs to operate the car for the portion of the overall use of the car that's business use. Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles.
- Note: Other car expenses for parking fees and tolls attributable to business use are separately deductible, whether you use the standard mileage rate or actual expenses.
Topic No. 510 Business Use of Car
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