: You track the actual cost of operating the car. This includes gas, oil, repairs, tires, insurance, and registration fees. 🛠️ Key Rules and Limitations
: You must maintain adequate records or evidence to support your statement of expenses. : You track the actual cost of operating the car
For more detailed guidance, refer to IRS Publication 463 regarding travel and car expenses. : You track the actual cost of operating the car
: Use Form 2106 (or 2106-EZ) and itemize on Schedule A. Self-Employed : Deduct expenses on Schedule C (Form 1040). Farmers : Use Schedule F (Form 1040). : You track the actual cost of operating the car