Turo Tax Write Offs for 2023

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This video answers the following questions.
Can Turo hosts write off miles or do they have to use depreciation?
What is depreciation?
What options do Turo hosts have when depreciating their vehicles?
what are other tax strategies Turo hosts should be thinking of.
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Опубликовано:

30 сен 2024

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Комментарии : 32

@lanthelys4507 День назад

if you and your wife are business partners and discuss business every time you eat out can you deduct the 50 percent of the meal as business expenses?

@lanthelys4507 День назад

can you combine turo and door dash in the same business? and how would that be structured?

@fpartidafpartida Год назад

Never even occurred to me about the milage used in my personal vehicle to go drop off and pick up my Turo vehicle. What great tip at the end about being able to do the standard deduction on a that one!

@clemtutt7967 Месяц назад

I’m preparing a Turo return right now. They can be tricky returns when it comes to depreciation.

@TravisONiPhone 6 месяцев назад

Write off uber lyft cost ?using that to pick up and drop off the car.

@gspinin 4 месяца назад

Excellent video man. Very informative and well done!

@kudynski 2 месяца назад

Thank you for the great content. I do have a question though. If I started a Turo business and I bought a Tesla and rented it out on weekends and other random days and use it the other days for personal use how would you recommend? I take the tax benefit as the depreciation of the vehicle. Can I take all of the depreciation?

@rickyray6325 5 месяцев назад

I have a Car dealership that I'm winding down. I'm going to keep 2 cars and put them on Turo. Should I put the Turo cars in my personal name, or put them in the business name? Which is better for tax purposes? Also can I Just repurpose my dealership LLC for my Turo Business? All Star Cars LLC in Zimmerman MN. Thanks

@samclontsii3548 5 месяцев назад

Am I able to write off my Turo vehicle that was totaled during personal use???

@Jos3Molin4 Год назад

1. To take advantage of the 80% depreciation, do you have to buy it under your name? It can be purchased under someone else's name? Thank you

@yourcarbuyingadvocate Год назад

I believe the vehicle can only be depreciated by the owner of the vehicle. I’m assuming you’re paying the owner so you will write off all those payments to them. I’m not a tax expert though so my advice is to talk to one like Andrew. Thanks for watching.

@Jos3Molin4 Год назад

And it has to be under an llc, or I can just buy it under my name?

@corvettefunstudios 9 месяцев назад

bonus depreciation applies regardless of whose name is on the title. All that matters is that the person or entity deducting it actually paid for the vehicle.

@pauldueringer7045 7 месяцев назад

I do not think you could do a long-term lease, as stated in the example. I believe there are other rules and requirements for long-term leasing. But that aside, good information on the milage rule.

@katylear3971 6 месяцев назад

I need to find Somebody good like that.Here.In saint louis missouri. For my business

@ruaballer931 7 месяцев назад

Are you accepting new clients?

@ochicoloto3524 Год назад

This forum is nice! But can you pleace create a forum for host to send in questions?

@japnikki 9 месяцев назад

I wish there was someone like Andrew in my area, few CPAs know about Turo in Texas.

@yourcarbuyingadvocate 9 месяцев назад

Your CPA doesn’t need to be local to you. Andrew has clients all over the country. Nothing stoping you from reaching out to him to see if he can help.

@katylear3971 6 месяцев назад

Wow so much to observe