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Business & farm
A partnership filing IRS Form 1065 is not eligible to claim the standard mileage deduction for vehicles. You have years of experience with "1040 products" handling it because it is only allowed on an individual return.
If the partnership owns the vehicles, they should be entered as assets and depreciated along with actual expenses incurred. If the partnership needs to reimburse you for your mileage on your personal vehicle, that is merely an expense to the business when you submit a reimbursement request with your mileage calculated at the correct rate. It would be appropriate to list these expenses as Vehicle Expenses or Vehicle Reimbursements on the Partnership return.
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‎February 27, 2023
10:31 AM