Air BNB Vehicle Expenses Depreciation

[jessemcc58579]

When doing taxes for an Air BNB for which you are already claiming the depreciation on the property itself, can you also claim actual expenses if driving a vehicle from my house to the Air BNB 25 miles away to clean throughout the year?

If so, it appears would need to know the following:

Depreciation method (MACRS Straight-Line, MACRS 150% Declining Balance or MACRS 200% Declining Balance)

Depreciation life (I think would want five years for this?)

Depreciation convention (I think Half-Year is correct?)

Confused what depreciation method is correct. I think life is supposed to be five years and convention should be half-year.

Anybody have any advice on this?

[PatriciaV]

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