Can driving for dollars be counted as a tax deduction?!? 🤔

4 Replies

Just Wondering if I would be able to count my driving for dollars as a tax deduction. I have the mile iq app and when i drive for dollars i usually turn it on so it can count for my business. Am i wasting time doing this or is it a good idea?? Plz help thank you

pretty sure that would be a write off.. either mileage or gas and insurance and car.. I think you can take one or the toher direct expenses or mileage.. I always took mileage when I sold real estate because I drove 20k miles or more a year easy in my formative real estate brokerage years.. now being a desk jockey I don't even drive 10k miles and with my latest project just 12 miles from home I suspect that will go down as well.  But last year I flew over 95,000 miles.. and that was all a write off.. this year less probably end up at 75,000 or so..

Originally posted by @Calus Glispie :
Just Wondering if I would be able to count my driving for dollars as a tax deduction. I have the mile iq app and when i drive for dollars i usually turn it on so it can count for my business. Am i wasting time doing this or is it a good idea?? Plz help thank you

 Yes you most likey can. Some exceptions, of course, but usually yes. 

Generally,

If looking for rentals, might have to add to the basis of the property once the property is bought. 

if for a flip, generally can be expensed.