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Vehicle travel to check on rental property that is also personal use.
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Investors & landlords
You must allocate the rental portion and the personal portion of your vehicle expense since you used the car for both purposes. For example, if you drove straight to your rental property, only mileage to the property and back is your rental purpose or only mileage for rental purposes is deductible. Compare this against your total mileage driven, and you will have the ratio of rental vs. personal use.
As to the gasoline part - you can deduct standard miles or actual expenses when claiming vehicle expenses. If you choose to deduct actual miles, then you can deduct the gasoline (and, of course, the rental portion as I explained above). If you choose to use standard mileage method (.54 cents per mile), the gasoline is included in the standard mileage rate, you cannot deduct it separately.
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Investors & landlords
I have a rental property and I'm I'm entering actual expenses for it.
How to I calculate Gasoline and Vehicle Insurance?
Say I use the car 1 time every 2 weeks to go to the property.
For Insurance - should I enter the full cost of Insurance or only the number of days in the year I used it for traveling to and from the rental?
What about Gas?
If I traveled 10,000 miles in the year and 1,000 was for rental property.
If I spent $1,000 on gas would I enter $100 for Gasoline in Turbo Tax or the full $1,000
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Investors & landlords
The key is to calculate the % you use your vehicle for Business.
If you calculated that you used your vehicle 10% for Business (as in your example), then 10% of your Actual Expenses can be Vehicle Expenses for your rental.
However, when you enter your Personal/Business miles in TurboTax, the program calculates your Business Use % for you, and you only need to enter annual amounts for items like gas, oil, tires, etc.
Some different rules apply if you use your vehicle less than 50% for business, though you can still claim expenses.
TurboTax gives you the Standard Mileage deduction amount first, then you can choose to see if Actual Expenses gives you a larger deduction.
Click this link for more info on Using a Vehicle for Business.
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