Hello,
Can I deduct the cost of driving both cars when I moved from Kentucky to Texas? (Well, my wife drove one.) Five kids, pets, luggage -- I couldn't fit everyone in either car.
And if I can, how do I do it? Double the mileage?
I've read everything I can find in Publication 521 and other than "Travel Expenses" (which I'm not sure about) I really don't know how you would deduct for the second car, other than doubling up on miles.
Thanks for any help.
Yes and yes. See IRS Publication 521.
Yes you can. If you're using actual expenses (ie. receipts for filling up gas for both cars) then deduct that. Or you can do 20 cents per mile, and double the miles driven as you say. What I'm not sure is whether you can use actual expenses for one car and standard mileage for the other. Don't forget tolls, parking fees, etc.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.