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kencla287
New Member

Do vehicle expenses include Gas costs and mileage or just the sole cost of the vehicle?

 
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LindaA
Level 10

Do vehicle expenses include Gas costs and mileage or just the sole cost of the vehicle?

Vehicle expenses include the costs of operating your vehicle, not just the cost of the vehicle itself. There are two ways you may claim business vehicle expenses, by taking actual expenses or standard mileage

Actual expenses include the amounts you paid for gas, oil, repairs, insurance, etc. On the other hand, if you take standard mileage you'll get a set amount for each business mile (54¢ per mile for 2016). Both the actual expenses and standard mileage methods let you deduct tolls and parking fees, registration fees and taxes, and vehicle loan interest. Both methods also take the depreciation of your car into account, and this is where the cost of your vehicle comes into play. For more information, please see Business Use of Vehicles.

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