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Re: Keeping of Records - cars
Posted by VT_Syrup of VT on 4/28/21 4:23pm Msg #631743
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.
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Messages in this Thread
 Keeping of Records - Bravo on 4/28/21 3:37pm
 Re: Keeping of Records...me too! Since 2006! - Linda_H/FL on 4/28/21 4:05pm
 Re: Keeping of Records - cars - VT_Syrup on 4/28/21 4:23pm
 Re: Keeping of Records - cars -  JanetK_CA on 4/28/21 6:03pm
 Re: Keeping of Records - cars - Carolyn Bodley on 4/28/21 7:58pm
 Re: Keeping of Records - cars - VT_Syrup on 4/29/21 7:01am
 Re: Keeping of Records - cars - Carolyn Bodley on 4/29/21 8:31am
 since 2001... and, yep, we're goofy - Lee/AR on 4/28/21 4:33pm
 Re: since 2001... and, yep, we - Carolyn Bodley on 4/28/21 5:40pm
 Purged in 2015 after a tax audit -  Cheryl Elliott on 4/28/21 5:41pm
 Re: Keeping of Records -  JanetK_CA on 4/28/21 6:04pm
 Can u please clarify what is meant by "work order"? n/m - NVLSlady/VA on 4/28/21 9:43pm
 Re: Can u please clarify what is meant by "work order"? - Carolyn Bodley on 4/28/21 10:23pm
 Re: Can u please clarify what is meant by "work order"? - Bravo on 4/30/21 4:41pm
 Re: Can u please clarify what is meant by "work order"? - Carolyn Bodley on 4/30/21 5:30pm
 Re: Can u please clarify what is meant by "work order"? - NVLSlady/VA on 4/30/21 10:35pm
 Re: I do once Iíve been paid n/m - Carolyn Bodley on 5/1/21 7:39am
 Re: Keeping of Records - ananotary on 4/28/21 11:25pm
 Re: Keeping of Records - Noolypen on 4/29/21 10:42am
 Re: Keeping of Records - NVLSlady/VA on 4/29/21 1:34pm
 I kept all my orders but got rid of a lot last year. There -  MW/VA on 4/29/21 11:19am
 Buy a good scanner n/m - Clem/CA on 4/30/21 9:19am



 
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