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I used my truck for work last year, put around 30,000 miles on it. He paid my gas. Can I deduct mileage?
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I used my truck for work last year, put around 30,000 miles on it. He paid my gas. Can I deduct mileage?
You are allowed to deduct your mileage (53.5 cents for 2017) and other job expenses, subtracting what you were reimbursed for gas(do not subtract your reimbursement if it was included on your W-2 as taxable income). TurboTax completes form 2106, which then carries to Misc itemized deductions on Schedule A. The problem with this is that you only get to deduct that portion of your misc deductions that exceed 2% of your AGI. and then only if your total itemized deductions exceed the standard deduction. (2% rule explained: https://ttlc.intuit.com/questions/2902781-what-is-the-2-rule)
In TurboTax, enter at:
Federal Taxes Tab
Deductions & Credits
-Scroll down to:
-Employment Expenses
-- Job related expenses
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