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?
021355
2 Replies
Critter-3
Level 15
Aug 5, 2021 7:15:05 PM
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.
Opus 17
Level 15
Aug 5, 2021 8:33:14 PM
Review chapter 4 of IRS publication 463 for how to treat vehicle expenses.