Discussion:Auto for Multiple Schedule C
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Discussion Forum Index --> Basic Tax Questions --> Auto for Multiple Schedule C
Discussion Forum Index --> Tax Questions --> Auto for Multiple Schedule C
| 14 April 2008 | |
| Sorry, I somehow hit send before I finished typing. I wanted to know if it is possible to have the same auto used in multiple schedule C applications and if so how is this handled by most commercial tax software? I was thinking along the lines of using the actual expenses on the first schedule C and the standard mileage rate for the second. | |
| 14 April 2008 | |
| I have this situation for myself, but its one Sch C and several rentals. enter the auto in the vehicle worksheet for each entity with as if each was standing alone...the value of the auto and all of the expenses in whole with total mileage, commuting mileage etc being the same. The only difference for each entity will be the business mileage attributable for each, and either the mileage or actual expenses will be prorated by the business use percentage for each entity. You'll either get SMR or actual..if actual is better it will be better across the board. The fun time comes when you dispose of the vehicle..when I got rid of a van I had used in 5 separate entities, the sale was listed 5 times on the 4797 with each buiness use providing its own little bit of loss. | |
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