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Investors & landlords
Yes, you can report your vehicle usage under Vehicle Expenses on the Rental Summary page for your Rental Property. TurboTax will make all the necessary calculations for you.
It may be easier to take the Standard Mileage Deduction, based on the number of miles you drove for your rental. This deduction includes an allowance for depreciation, fuel, and maintenance.
You have the option to enter your actual expenses to compare which is best for your tax situation. Again, TurboTax will calculate depreciation for you in this case.
For more info, see:
- TurboTax Tax Tip: Business Use of Vehicles
- TurboTax Tax Tip: Standard Mileage vs. Actual Expenses: Getting the Biggest Tax Deduction
- IRS Schedule E: General Instructions for Lines 5 Through 21 - see Line 6
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‎January 15, 2024
8:53 AM