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Notice that in my example the boost from the lender adjustment was higher in the mileage scenario, even though the tax deduction for mileage was lower. Also, if you keep your vehicle until it falls apart, the multi-year tax benefit of the mileage deduction can significantly exceed your actual expense deductions, even with depreciation. You cannot freely go back and forth between the two methods. Once you started actual expenses, you are not allowed to switch to mileage for the same vehicle. Stuck with the actual expenses, even if the mileage becomes more beneficial. If you hire a good tax professional - we will guide you through making this complex decision. How you write off your auto expenses does matter for taxes. Fresh out of another such conflict, I want to illustrate how it works. The 58 cents mileage rate includes a depreciation component: 26 cents for 2019. First, not all lenders follow the Fannie guidelines, either because their loans are not backed by Fannie or because they use their own underwriting guidelines or (quite often) because the field underwriters are not well trained. Usually, such nonconforming underwriting would work against you when you use mileage deduction, because the lender will leave your mileage deduction as is and will not add back anything.
Does it mean that you should choose the actual expenses method over mileage? After all, adding back an explicitly stated depreciation seems to be a no-brainer, plus my example shows that the actual expense deduction was a bigger tax deduction anyway. If your automobile depreciation is large, especially when you use first-year bonus depreciation or Section 179 - you may indeed reap a substantial double benefit: major tax deduction for the IRS, and no reduction of your business income for underwriting. However, claiming this first-year big write-off may be prohibited by the tax rules, depending on your overall situation, and even when available it could be a bad move from your long-term tax planning perspective. Subject to income tax, state tax, and self-employment tax. Several other factors can make 1st year super-depreciation undesirable. The other side of the argument is the fact that your mileage deduction can be better for you, both short-term and long-term. Notice that in my example the boost from the lender adjustment was higher in the mileage scenario, even though the tax deduction for mileage was lower. Also, if you keep your vehicle until it falls apart, the multi-year tax benefit of the mileage deduction can significantly exceed your actual expense deductions, even with depreciation. You cannot freely go back and forth between the two methods. Once you started actual expenses, you are not allowed to switch to mileage for the same vehicle.
Stuck with the actual expenses, even if the mileage becomes more beneficial. If you hire a good tax professional - we will guide you through loan servicing companies making this complex decision.
I am a partner in a three-member LLC that holds a multifamily in Lowell Massachusetts. Currently, I am providing property management services for the building. The other members are not involved in property management... I flipped my first home last month and plan on flipping more homes this year (yay).
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I do not yet have an LLC set up for this property and it will be owned by my husband and me at first. Hi,Does anyone have a good loan servicing companies referral for a CPA that has knowledge in out-of-state investing.
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I am a Real estate Agent licensed in CA and AZ, and now a newbie investor.
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