https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-what/01/2557353#M83761 <P>&nbsp;I have used this car for personal and real property rental business for 4 years. I converted the car to a Turo rental. What valuation do I use for depreciation if I began to use this for the Turo ride sharing platform?&nbsp; Turbo tax does not address this in the the software.</P> Mon, 09 Mar 2026 08:51:29 GMT FelicityM 2026-03-09T08:51:29Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-what/01/2557353#M83761 <P>&nbsp;I have used this car for personal and real property rental business for 4 years. I converted the car to a Turo rental. What valuation do I use for depreciation if I began to use this for the Turo ride sharing platform?&nbsp; Turbo tax does not address this in the the software.</P> Mon, 09 Mar 2026 08:51:29 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-what/01/2557353#M83761 FelicityM 2026-03-09T08:51:29Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2557499#M83766 <P>You would enter the cost of the vehicle less depreciation or the fair market value of the car as the basis for depreciation, whichever is less.</P> Mon, 07 Mar 2022 21:21:30 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2557499#M83766 ThomasM125 2022-03-07T21:21:30Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558654#M83825 <P>Thank you for your reply. Do I subtract my previous mileage deduction that I have taken in the previous years for this same car? Or do I use the current fair market value at the start of the new venture?&nbsp;</P> Tue, 08 Mar 2022 02:32:39 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558654#M83825 FelicityM 2022-03-08T02:32:39Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558708#M83827 <P>You use the "lesser" value of what you paid for it minus depreciation already taken, or it's FMV at the time placed in service with Turo.</P> <P>&nbsp;</P> Tue, 08 Mar 2022 02:48:41 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558708#M83827 Carl 2022-03-08T02:48:41Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558959#M83837 <P>Thank you so much for your response. If I have had it in service for 2 years under a milage depreciation, would I then count those 2 years toward a 5-year depreciation or would I start a new 5-year depreciation?&nbsp;</P> Tue, 08 Mar 2022 04:34:23 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2558959#M83837 FelicityM 2022-03-08T04:34:23Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2559246#M83847 <P>You will start a new 5 year depreciation period using ...&nbsp;<SPAN>You use the "lesser" value of what you paid for it minus depreciation already taken, or it's FMV at the time placed in service with Turo.</SPAN></P><P>&nbsp;</P><P><SPAN>Part of the standard mileage rate is considered&nbsp; the depreciation so you need to compute how many miles you used for business x the rate for that tax year to compute the total depreciation taken ...&nbsp;&nbsp;<A href="https://taxschool.illinois.edu/post/how-long-can-you-deduct-standard-mileage-on-the-same-vehicle/" target="_blank">https://taxschool.illinois.edu/post/how-long-can-you-deduct-standard-mileage-on-the-same-vehicle/</A></SPAN></P><P>&nbsp;</P><P>&nbsp;</P> Tue, 08 Mar 2022 12:37:58 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2559246#M83847 Critter-3 2022-03-08T12:37:58Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2559385#M83849 <P>See <A href="https://bradfordtaxinstitute.com/free_resources/irs-mileage-rates.xml.aspx" target="_blank">https://bradfordtaxinstitute.com/free_resources/irs-mileage-rates.xml.aspx</A></P> <P>The "depreciation per mile" is about halfway down the page and covers all years back to 2003.</P> <P>&nbsp;</P> Tue, 08 Mar 2022 13:51:40 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-have-been-using-a-car-for-rental-property-and-now-want-to-start-renting-the-car-on-turo-wh/01/2559385#M83849 Carl 2022-03-08T13:51:40Z