- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tesla on Turo
I am thinking of buying a used Tesla Model(X/S/3) and list it on Turo, for an additional income.
Can someone please share your thoughts if I can write off the cost of the car, maintenance & repairs as an investment expense?
2 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tesla on Turo
You can BUT it is not an investment expense ... you will fill in a Sch C for self employment since you will be in the business of renting the auto and you will need to use the actual vehicle expenses + depreciation option prorated between the miles you use it and the miles put on it by the renters.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Tesla on Turo
Review chapter 4 of IRS publication 463 for how to treat vehicle expenses.
https://www.irs.gov/pub/irs-pdf/p463.pdf
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Related discussions
view allStill have questions?
Make a post
Or browse the Forums