Business use of personal vehicle in multi-owner LLC

Forum|Forum|2 years ago
January 22, 2024
2 replies
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I have a multi-owner LLC and use my personal vehicle. I track miles driven for business use. I am using TurboTax Business for the LLC filing. How do I account for business use of the vehicle? I'm tracking miles driven, not expenses.

TurboTax Business Windows

Best answer by KrisD15

You would need to submit a request for reimbursement to the company.

The reimbursement can be based on the standard mileage rate.

The company writes this off as a vehicle expense using a dollar amount.

TurboTax Tip

KrisD15Answer

You would need to submit a request for reimbursement to the company.

The reimbursement can be based on the standard mileage rate.

The company writes this off as a vehicle expense using a dollar amount.

TurboTax Tip

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AmeliesUncle

Is the Multi-Member LLC taxed as a Partnership?

If the Partnership did not reimburse you for it, it does not go on the Partnership return. *IF* the Partnership Agreement states that you must pay for those expenses (and it won't reimburse them) you would deduct the "Unreimbursed Partnership Expenses" (UPE) on your personal tax return.