Join  |  Login  |   Cart    

Notary Rotary
Welcome to Notary Rotary Find a Notary Notary Forum Become a Notary and Find Notary Classes Notary Insurance Notary Supplies Notary Resources  
 
Just PoliticsLeisure
Welcome to the Notary Talk General Discussion Forum. Before posting, please read the

You are replying to this message:
 Re: Keeping of Records - cars
Posted by VT_Syrup on 4/28/21 4:23pm

I just finished doing my TY 2020 taxes. During the year I sold my 10 year old car. TurboTax had me go through my mileage records for the entire time I'd been using the car for notary work, and figure out how much depreciation I had claimed via the standard IRS per-mile cost, and compared that to the actual depreciation of the car. It turned out my actual depreciation was less than the IRS allowance, so I had to pay about $50 in federal tax because of that.

So keep you mileage record for as long as you own the car, plus several years while the IRS is thinking about whether they want to do an audit or not.
Important Notice

At this time, you must be signed-in to Post a Message to the Notary Talk Discussion Forum.

In order to sign-in, you must have a Notary Rotary™ membership. Basic Membership is free. Basic Members should update their profiles at least every 6 months to prevent them from being deleted.

If you do not already have a membership, click the Join link above. After creating your profile, you should log in and update it from the My Profile page. If you do not want your information displayed to others (e.g. advertised under Find a Notary), you can hide it by checking the "Hide profile from searches" box.

If you already have a profile, click the Login link above to sign-on. If you have forgotten your password, follow the directions on the login page.

 
Find a Notary   Notary Supplies   Terms   Privacy Statement   Help/FAQ   About   Contact Us   Archive  
 
Notary Rotary™ is a trademark of Notary Rotary. Copyright © 2002-2024, Notary Rotary, Inc.  All rights reserved.
500 New York Ave, Des Moines, IA 50313.