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May 22, 2024
Question

"less than 5"

  • May 22, 2024
  • 1 reply
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Personal taxes. I am filing married jointly, so between myself and spouse, can we have 8 cars and use standard mileage deduction? We co-own the cars. To still qualify for the rule, should we own 4 cars each and not co-own or does it matter? 

1 reply

Michele C1
May 22, 2024

IRS Topic 510 indicates "You must not operate five or more cars at the same time".  So do you own and operate more than 5 at the same time?  That would be the deal breaker.  I do not see any exception to that rule.  But you may qualify to use actual so you may not completely lose the expense.