How does Uber driver calculate car value depreciation for tax deduction purpose?

nestlen — Sat, 01 Jun 2019 02:19:53 GMT

My understanding is as a uber driver, I could either take standard mileage rate deduction or actual expense deduction, on top of either one I can also deduct car value a portion of depreciation (for me it's 2 out of 7 days) which could be $1000 a year for a car around $47k, my question is how can I calculate the car deprecation? Should I just go to KBB and simulate them by miles increase etc. ?

In the Vehicle Expenses section, TurboTax allows you to c...

PatriciaV — Sat, 01 Jun 2019 02:19:55 GMT

In the Vehicle Expenses section, TurboTax allows you to compare the Standard Mileage Deduction with your actual expenses.

The Standard Mileage Rate includes a depreciation allowance. If you chose to compare this to your actual expenses, you will enter information about your vehicle to allow TurboTax to calculate depreciation. At the end of the section, you will find a comparison of the two methods to provide you with the best choice for your tax situation.

As a self-employed Uber driver, you will report your Vehicle Expenses on Schedule C. The easiest way to find this section in TurboTax is to search on "vehicle expenses" and click the link in the drop down list that relates to your business (rental, farm, or self-employed). This will take you to the start of the vehicle expense section.

topic How does Uber driver calculate car value depreciation for tax deduction purpose? in Deductions & credits

How does Uber driver calculate car value depreciation for tax deduction purpose?

In the Vehicle Expenses section, TurboTax allows you to c...