topic 1065 in Deductions & credits

Can I deduct miles driven to auctions or stores where I procure my products to sell?

tlrw1419 — Thu, 06 Jun 2019 11:37:34 GMT

We are a resale business and were wondering if we can write off the mileage driven to auction and stores to procure the items we sell? And do we get to write the mileage off if we personally delivered an item?

Yes, you can as long as it is incurred to make money. IRS...

MichaelL1 — Thu, 06 Jun 2019 11:37:35 GMT

Yes, you can as long as it is incurred to make money.

IRS allows business deductions for ordinary and necessary business expenses.

The standard mileage rate for 2016 is 54 cents a mile.

EDITED to add three pictures to show where to enter the Vehicle expenses.

Last picture is for a 1065 return, first three were for Home & Business.

You click on Federal Taxes, then sub-heading Deductions, then go down the screen to Auto Expenses. I have highlighted the areas in yellow.

Thank you!

tlrw1419 — Thu, 06 Jun 2019 11:37:37 GMT

Thank you!

Where do these go under on the form?

tlrw1419 — Thu, 06 Jun 2019 11:37:38 GMT

Where do these go under on the form?

In the Business section you will see three areas for busi...

MichaelL1 — Thu, 06 Jun 2019 11:37:40 GMT

In the Business section you will see three areas for business expenses: the first one is Business Vehicle Expenses. Let me know if you do not see it yet and I can post a picture for you. thank you .

I do not see it, and that would be great!

tlrw1419 — Thu, 06 Jun 2019 11:37:41 GMT

I do not see it, and that would be great!

see above in answer

MichaelL1 — Thu, 06 Jun 2019 11:37:42 GMT

see above in answer

Thank you but my turbotax business does not look like that

tlrw1419 — Thu, 06 Jun 2019 11:37:44 GMT

Thank you but my turbotax business does not look like that

Sorry, are you doing a 1065? 1120? 1120S? I can find th...

MichaelL1 — Thu, 06 Jun 2019 11:37:46 GMT

Sorry, are you doing a 1065? 1120? 1120S? I can find that also.

1065

tlrw1419 — Thu, 06 Jun 2019 11:37:48 GMT

1065

OK give me a moment and I'll put in some pictures for a 1065

MichaelL1 — Thu, 06 Jun 2019 11:37:49 GMT

OK give me a moment and I'll put in some pictures for a 1065

look above now in question

MichaelL1 — Thu, 06 Jun 2019 11:37:50 GMT

look above now in question

Thank you so much, that is it

tlrw1419 — Thu, 06 Jun 2019 11:37:52 GMT

Thank you so much, that is it