Can you deduct auto expenses by using a one month mileage average and the standard $.445 rate?

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Can you deduct auto expenses by using a one month mileage average and the standard $.445 rate?

2006-12-23 02:35:11 · 4 answers · asked by DSmitty 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

No, you need the records for the entire year. If you only have records for one month, then that's all you can deduct.

2006-12-23 03:39:25 · answer #1 · answered by Judy 7 · 1⤊ 0⤋

It is either-or situation. Either actual expenses or standard rate.

If you use the standard rate, then you can't deduct insurance, cleaning, repair, gas and other auto related expenses. However, you can still deduct parking and toll.

Best wishes.

2006-12-25 06:26:14 · answer #2 · answered by JQT 6 · 0⤊ 0⤋

Yes, but the auto expense has to be related to your job only.

2006-12-23 03:40:47 · answer #3 · answered by RoRo 3 · 0⤊ 0⤋

No, you must have actual records.

2006-12-23 03:30:27 · answer #4 · answered by Steve 6 · 1⤊ 0⤋