Unregistered 01:29 PM 01-03-2017
I'm confused with the standard mileage vs the actual cost. I'm using standard mileage and recording trips to the store/groceries/bank exc. Am I able to claim the car loan interest & car property tax?
Blackcat31 01:48 PM 01-03-2017
TomCopeland 02:26 PM 01-03-2017
Originally Posted by Unregistered:
I'm confused with the standard mileage vs the actual cost. I'm using standard mileage and recording trips to the store/groceries/bank exc. Am I able to claim the car loan interest & car property tax?
If you use the standard mileage method you can claim $.54 per mile for 2016 and $.535 for 2017. You can also claim parking, a portion of car loan interest and property tax, and tolls, and ferries.
Unregistered 04:16 PM 01-03-2017
Originally Posted by TomCopeland:
If you use the standard mileage method you can claim $.54 per mile for 2016 and $.535 for 2017. You can also claim parking, a portion of car loan interest and property tax, and tolls, and ferries.
A portion of the car loan interest and property tax would be time/space, correct?
TomCopeland 10:04 AM 01-04-2017
Originally Posted by Unregistered:
A portion of the car loan interest and property tax would be time/space, correct?
No. Divide the number of business miles by the total number of miles you drove the car.
2,000 business miles divided by 10,000 total miles = 20%