MarilynG1
Expert Alumni

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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