IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in...
IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?
Vehicle type, date placed in service, and total mileage (including business, commuting, vacation, and personal)
Vehicle type, the amount of days driven, and the total mileage (including business, commuting, vacation, and personal)
Vehicle type, date placed in service, and total mileage (including business, commuting, and personal)
Vehicle type, the amount of days driven, and the total mileage (including business, commuting, and personal)
Homework Answers
Answer: First option i.e Vehicle Type, date placed in service, and total mileage (including business, commuting, vacation and personal), is correct.
Explanation:
The Car and Truck worksheet is usually used to determine the deductible vehicle expenses. As per the guidelines,
Date the vehicle was placed in service is entered in line 2. This relates to depreciation w.r.t such vehicle.
Type of Vehicle is details are entered under line 3.
Lines 4 to 7 are used for entering vehicle mileage.
Line 8 is used to compute percentage of business use of such vehicle w.r.t total miles driven during the year.
Herein, it’s noteworthy that total number of miles would include miles driven for business purpose, commutation, and other use. Hence total mileage would include total miles driven including business, commuting, vacation and personal.
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