I have three rental properties. TurboTax asking Total miles and miles for rental property in each property input section. If my total miles in 2023 is 6000 miles, total miles for rental purpose are 3000 miles, please let me know which of the input below is correct, (method A is 17% miles used for rental, method B is 50% used for rental.
Method A:
Property 1: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000/3=1000
Property 2: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000/3=1000
Property 3: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000/3=1000
Method B:
Property 1: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000
Property 2: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000
Property 3: Total miles driven for all purposes: 6000
Miles driven for rental or royalty: 3000
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Method A has total 3000 miles for rental property. Method B has total 9000 miles for rental property.
Method A.
Otherwise, you have 9,000 miles driven for your rental properties which is not accurate.
Method A has total 3000 miles for rental property. Method B has total 9000 miles for rental property.
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