- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I use my car for both my real estate business and a side business. Can I put all the mileage under one job or split for each?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I use my car for both my real estate business and a side business. Can I put all the mileage under one job or split for each?
If it is in the same industry, it would be one Schedule C, and one car.
However, if it is for 2 different industries, you will be asked about vehicle expenses twice. In this case, due to depreciation from the 'Actual Cost' method, you would not be able to take this deduction twice as it would be double-counting. Instead you should claim the business mileage on each Schedule C for the mileage driven for each job, and TurboTax will utilize the Standard Mileage rate.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I use my car for both my real estate business and a side business. Can I put all the mileage under one job or split for each?
If it is in the same industry, it would be one Schedule C, and one car.
However, if it is for 2 different industries, you will be asked about vehicle expenses twice. In this case, due to depreciation from the 'Actual Cost' method, you would not be able to take this deduction twice as it would be double-counting. Instead you should claim the business mileage on each Schedule C for the mileage driven for each job, and TurboTax will utilize the Standard Mileage rate.