Tax Year Prior to 2020: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I need to know if we are allowed to deduct mileage, gas, etc.

adolfo-lozano — Thu, 18 May 2023 17:52:41 GMT

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...

MaryK4 — Sat, 01 Feb 2020 01:41:06 GMT

Yes, you can deduct auto expenses for any use that was directly related to the maintenance of the properties and/or collection of rent. Just be sure to keep very accurate records- total mileage as well as rental income mileage and prorate if the trip includes any other non-rental stops,

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...

adolfo-lozano — Mon, 03 Feb 2020 13:00:16 GMT

Thank you. I appreciate it.

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...

WKins2 — Mon, 03 Feb 2020 13:12:49 GMT

Yes, you are able to deduct mileage OR actual expenses (gas, repairs, maintenance) but not both. When you are entering in the income and expenses for each rental there will be a section that asks if you have vehicle expenses (i.e. mileage or actual expenses) this is where you can enter in those for each rental.

The rental income is the total amount you receive from all sources for the rental. When you enter the information into the program you will enter under income the total amount you received for the rental. You will also be asked later in the program to enter in all the expenses (including mortgage interest for the property. This will reduce your rental income and properly calculate the profit/loss of the rental.

To enter in your rental information, please follow the steps below:

1. Login to your TurboTax Account

2. Click Continue your return if you have already started a return.

3. Click on Go to Federal Taxes heading

4. Click on wages and income (you can either Choose Jump to Full List -or I'll choose what I work on)

5. Scroll way down to Rentals and Royalties- click on start or update

6. Follow the interview questions and answer accordingly, you will eventually get to a screen that will say 'Let Us Enter Your Rental Info for You' (check the last circle to enter my rental info myself) 7. Rental Income - click Start or Update- complete this section

8. Expenses - click Start or Update- complete this section

9. Assets/Depreciation - click Start or Update- complete this section

10. Vehicle Expenses - click Start or Update- complete this section Remember you will need to enter in the total rent you received for the year, then you will enter in your expenses (i.e. mortgage interest, repairs, property tax, etc...)

You are only able to deduct the mortgage interest, not the principal. When you depreciate the cost of the rental, that will take care of the principal part.

topic Tax Year Prior to 2020: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I need to know if we are allowed to deduct mileage, gas, etc. in Investors & landlords

Tax Year Prior to 2020: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I need to know if we are allowed to deduct mileage, gas, etc.

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...

Re: My wife and I own 2 rental properties (4 units each). We each purchased 2 new vehicles and I ...