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Type: Posts; User: sammydd
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More information I found:
Personal property. Do not use Schedule E to report income and expenses
From the rental of personal property,
Such as equipment or vehicles. Instead,
Use Schedule C...
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So I spoke to someone at the IRS, I cannot take the mileage deduction on a car that I'm not driving. So it does not qualify as "car for hire".
So now my next question, do I report rental income...
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Mukata, I believe you cannot claim mileage for a car that you are renting. Only the owner of a vehicle can claim the mileage.
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Does the definition of "Car for hire" cover renting out the car to another party? Or only if you hire out your car as a taxi service and you are the one driving?
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Here's one for you..
I own a vehicle and am self employed, working from home. I use the mileage deduction when driving to visit clients/business purposes. This is all pretty standard so far, but...
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