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How to handle vehicle info after 1 rental sold but vehicle used for all rental properties

I use one vehicle for several rental properties but 1 rental sold in 2021, how to dispose of this vehicle under this sold property? If I dispose of it and convert it 100% non business use, will it also delete the vehicle info for the  rest of the remaining properties ?

I am using this vehicle for personal and rental properties. I usually claim standard milege deduction. Should I just create a 'vehicle mileage' under Miscellaneous Expenses? Is this recommended if I don't want to bother with the redundant of entering this vehicle info under each properties? 

 

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1 Reply
PatriciaV
Expert Alumni

How to handle vehicle info after 1 rental sold but vehicle used for all rental properties

The vehicle deduction is specific to the activity where the mileage is reported. So if you report that you stopped using this vehicle for one property, this should have no effect on the other properties where it is used. 

 

It's important to match the vehicle expenses to the activity. Because the vehicle is shared, you would need to allocate your actual expenses (or the mileage deduction) to each rental property if you decided to enter this as a Miscellaneous Expense for those properties.

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