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Level 1
posted Apr 14, 2022 6:10:33 PM

Auto trade in and multiple companies - Two part question

Filing taxes for an llc that was dissolved, one current llc, one S. corp and also a very small amount as a 1099-nec all owned by same person for 2021.  The auto being driven for all these companies was traded in for a newer one so my question is which company do I put this trade in under? I know that I need to split the mileage accordingly per company but am confused as to entering total miles driven.  In each profile am I to enter the total miles driven or just the total miles driven for that company? Thanks in advance for any answers.

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1 Replies
Expert Alumni
Apr 18, 2022 7:59:47 PM

You would enter the same total miles for each business. That way, you would be reporting the percentage of the use of the vehicle for each business.