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Thread: Can I deduct mileage and expenses associated with a car that I borrowed.

  1. #1

    Default Can I deduct mileage and expenses associated with a car that I borrowed.

    Can I deduct mileage and expenses associated with a car that I borrowed for my real estate business? If not, can I purchase the car in the 2018 tax year, e.g., on 12/31, and then be able to deduct the prior 2018 mileage and expenses?

    Could the person I borrowed it from deduct the miles that I drove?

    Could I do an itemized deduction if I payed the owner of the car?

  2. #2
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    I suggest that you talk with an accountant.

    But, since you said "borrowed" I will assume that you did not pay anything for it's use nor did you own the car. Since you are out neither money or wear on equipment that you own, there is nothing for you to deduct. However, if you paid for gas and maintenance, that you could deduct.

    Purchasing the car would not allow you to retroactively deduct the mileage. The extra mileage would already be factored into the selling price. However, depending on the purchase price, you could deduct the purchase this year or deprecate it over several years.

    Again, talk with an accountant. Don't rely on tax advice from a forum.
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