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Posted by Paul Thomas, CPA on February 13, 2007, 2:46 am
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> This is the second year in a row I've been hung up on this.
> Perhaps because this is the second time I've used TurboTax.
>
> It asks the specific question "Did you have any vehicle
> mileage or expense for your rental property". If I answer
> yes, it leads me down a road of taking depreciation etc.
>
> It's my understanding that you can't take both depreciation
> and the standard mileage deduction.
True.
> In the past, I listed the mileage deduction as a vehicle
> expense on my schedule E figured by multiplying the amount
> of business miles x the standard mileage rate. I didn't
> claim the small percentage of the interest on the car loan
> or any depreciation.
Well, actually you did, as depreciartion is included in the
stadard mileage allowance.
> Do I lie to the software and say no so that I can continue
> to just list it on my schedule E?
Yeah, often times you have to trick the software into doing
things the right way.
> Perhaps I'm naive, but I would assume the software is too
> well thought out to steer the millions who own rental
> properties in the wrong direction.
That's the joys of the box.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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