Car Expense Tax Write-Off for Real Estate Investor

Member since 2020 · 12 posts · 0 votes

Hey there! As a Real Estate Investor can you write off your Car expenses if you use the car for multiple businesses?

EXAMPLE: You use the car to look for potential flips, business trips and to go to business meetings; BUT you also use the car as a DOOR DASHER on the side.

Question: Can the expenses or mileage from the car be written off for both businesses?

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
5y
@David Coffee

Have you done flips in the past? or are you in the process of doing any flips?
You have to show that you are in the business of doing flips before you can actually deduct the expenses.

If you have more than one business - you can potentially deduct vehicle expenses(standard or actual method).

If you are an employee, deducting vehicle expenses is currently suspended.
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