All Forum Posts by: John Watson

When I have a common expense such as buying a tool (i.e. a lawn mover) that I use for multiple properties, how do I allocate the deductible expense to the multiple properties I own? Based on net rental income? 

Sylvia,

Many thanks, I think I have found a new favorite site.

John

Tax Guru's,

I purchased rental property for the first time this year and am quite the Newbie to renting and taxes.

My question is whether I can use different methods to expense my car versus my wives car. I want to do actual costs on my car (new 4 runner) and standard mileage on her car which has much lower operating costs.

Is this OK? I Goggled my fingers raw and could not find an answer.

Many thanks,

John