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New Member
posted May 31, 2019 8:53:55 PM

Where do I put in my gas deduction

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1 Best answer
Level 3
May 31, 2019 8:53:57 PM

It depends.

You have two options when deducting expenses for your car.

One is the standard mileage deduction, which will give you .54 per mile, plus any tolls or parking fees.

The other is the actual expenses, which lets you deduct the cost of gas, insurance, repairs, and other things.  Keep in mind that when you use the actual expense method, you must elect to use that method for the entire time you use the car for the same business.  You can switch to the standard mileage rate for any year after that, but you can't switch back to the actual expense method.

If you're self-employed, you take the expenses off against your income, under Business Expenses>Vehicle Expenses

If you receive a W-2, go to Deductions & Credits>Employment Expenses>Job-related Expenses.  

 


1 Replies
Level 3
May 31, 2019 8:53:57 PM

It depends.

You have two options when deducting expenses for your car.

One is the standard mileage deduction, which will give you .54 per mile, plus any tolls or parking fees.

The other is the actual expenses, which lets you deduct the cost of gas, insurance, repairs, and other things.  Keep in mind that when you use the actual expense method, you must elect to use that method for the entire time you use the car for the same business.  You can switch to the standard mileage rate for any year after that, but you can't switch back to the actual expense method.

If you're self-employed, you take the expenses off against your income, under Business Expenses>Vehicle Expenses

If you receive a W-2, go to Deductions & Credits>Employment Expenses>Job-related Expenses.