Vehicle Depreciation and Rental Property

This is the second year in a row I've been hung up on this. Perhaps because this is the second time I've used TurboTax. It asks the specific question "Did you have any vehicle mileage or expense for your rental property". If I answer yes, it leads me down a road of taking depreciation etc. It's my understanding that you can't take both depreciation and the standard mileage deduction. In the past, I listed the mileage deduction as a vehicle expense on my schedule E figured by multiplying the amount of business miles x the standard mileage rate. I didn't claim the small percentage of the interest on the car loan or any depreciation. Do I lie to the software and say no so that I can continue to just list it on my schedule E? Perhaps I'm naive, but I would assume the software is too well thought out to steer the millions who own rental properties in the wrong direction. MD

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Reply to
MDinDestin
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perhaps its time you engaged a CPA to prepare your tax return

just doing whatever the software prompts you to is no way to prepare a tax return ___________________________________

-----> real address on hobokeni or hobokenx

Reply to
Benjamin Yazersky CPA

"MDinDestin" wrote

True.

Well, actually you did, as depreciartion is included in the stadard mileage allowance.

Yeah, often times you have to trick the software into doing things the right way.

That's the joys of the box.

-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net

Reply to
Paul Thomas, CPA

"MDinDestin" wrote in news:12t00m7kaoatn14

the program is first validating that you can take an expense for use of an auto. As you go through you it gives you the option of standard milage or actual expense. You can always override (lie) to the software, but then the results aren't guaranteed. scott s.

Reply to
scott s.

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