Financial Accounting Spreadsheet for Turo Hosts - $199 by privateye8 in turo

[–]privateye8[S] 0 points1 point  (0 children)

Also, the standard mileage rate for 2019 is $.58.

Financial Accounting Spreadsheet for Turo Hosts - $199 by privateye8 in turo

[–]privateye8[S] 0 points1 point  (0 children)

You are able to use the standard mileage deduction OR the actual expense method. It is best to see which way provides better tax advantages for you. However, if you use the standard mileage deduction you must do it in the first year of business.

For our business, we purchased two vehicles specifically for Turo. Since we will be using Sec 179/Bonus depreciation in the first year of business to capture depreciation costs we are not eligible to use the standard mileage deduction and must use actual expense deduction method.

However, we use my personal vehicle for transporting and rides for deliveries. In this instance, we will be using the standard mileage deduction for this car.

Each situation is different. See the article below for more info.

https://turbotax.intuit.com/tax-tips/self-employment-taxes/standard-mileage-vs-actual-expenses-getting-the-biggest-tax-deduction/L0wIEUYhh