Investor · Cranberry Twp, PA · Member since 2014 · 24 posts · 4 votes
I use TurboTax to do my rental property taxes on multiple properties. My properties are within a 1 mile radius, but I'm spreading trips across multiple properties. Is it a better strategy to record all mileage against one property? I sold my van this past year and bought a replacement, so taxes are pretty complex when calculating the depreciation for this year. It seems that TurboTax handles my one car as if it is a different car for each property. What is the best legal strategy to use for recording the mileage?
I use TurboTax to do my rental property taxes on multiple properties.
I also use TT. I am also wondering how to allocate expenses among multiple property for things like REI seminars, newsletters, books, office expense. I can't see allocating all vehicle mileage to one property since you probably travel among your houses like I do. Do you use this vehicle exclusively for your REI properties? I had some trouble with TT when I admited I also use the vehicle for personal use.
I do not have LLCs, but I think if there was a parent LLC management company we could allocate these expenses to that. I hope someone answers this good question.
Investor · Cranberry Twp, PA · Member since 2014 · 24 posts · 4 votes
12y
@Mark Forest - I also use my vehicle for personal use, but I answered that appropriately in TTX. I don't have LLCs yet, but I don't think that would be much different. I would assume that you have to allocate the seminars, etc to one property. It gets pretty confusing when there are shared expenses.
Rental Property Investor · Douglas County, MO · Member since 2014 · 1k+ posts · 1k+ votes
12y
My accountant allocates shared expenses to the property with the greatest profit. Auto expenses are one example, others are: fees paid to accountant, tools/supplies used for more than one property, advertising not related to a single property, office supplies, etc.