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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Car mileage when associated with a trucking company.
Car mileage when associated with a trucking company.
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Havinfunone
Level 3
11-08-2022
04:59 PM
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Trucking company has 9 semi trucks that can not use standard mileage rate because they are considered a qualified non-personal-use vehicle. However they have a personal vehicle that they use 25% for business purpose in the trucking company. Does the 4 car rule in Pub 463 apply to the car or can they still take standard mileage?
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qbteachmt
Level 15
11-08-2022
09:34 PM
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They, who, owns this car? A "personal" car means not owned by the business entity? Which means submitting for reimbursement to that employer under the terms of An Accountable Plan. Not what you asked.
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Havinfunone
Level 3
11-11-2022
02:06 PM
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"They" refers to the owner of the company. It a single member LLC filing on a Schedule C.
qbteachmt
Level 15
11-11-2022
02:52 PM
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Pub 463 helps by defining car:
https://www.irs.gov/pub/irs-pdf/p463.pdf
vs equipment.
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Don't yell at us; we're volunteers
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