- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
You can't claim the value of your car as a rental. Most donations are deducted against taxable income. So, the only way to "claim" your car rental would be to receive money from them as a car rental business and then donate the funds back.
However, the only possible way here might be to claim charitable mileage on the use of your car. At 14 cents per mile, this pretty much covers the gas. (See instructions below.)
There's also a limit on how much you can deduct. The basic rule is that your contributions to public charities, colleges and religious groups can't exceed 50 percent of your Adjusted Gross Income (AGI).
However, the only possible way here might be to claim charitable mileage on the use of your car. At 14 cents per mile, this pretty much covers the gas. (See instructions below.)
There's also a limit on how much you can deduct. The basic rule is that your contributions to public charities, colleges and religious groups can't exceed 50 percent of your Adjusted Gross Income (AGI).
Follow these steps to deduct your charitable miles:
1.
Open (continue) your tax return.
(To do this, sign in to TurboTax and click the orange Take me to my
return button.)
2. In the search box, search for the exact phrase donations and then click the "Jump to" link in the search results.
3. Answer Yes to the question Did you make any donations in 2016?
4. Enter the name of the charity in the "Who did you donate to?" screen
5. Choose Add at bottom of screen next to Mileage and travel expenses
6. Enter the details of your mileage
‎June 4, 2019
10:53 PM