Turo Tax Write Offs for 2023

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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[@fpartidafpartida]

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!

[@gspinin]

Excellent video man. Very informative and well done!

[@clemtutt7967]

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

[@lanthelys4507]

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

[@kudynski]

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?

[@katylear3971]

Wow so much to observe

[@japnikki]

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

[@yourcarbuyingadvocate]

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.

[@ochicoloto3524]

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

[@lanthelys4507]

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?

[@TravisONiPhone]

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

[@pauldueringer7045]

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.

[@rickyray6325]

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

[@TheDanielTruong]

Awesome video,
What is the best way to minimize depreciation recapture?

[@yourcarbuyingadvocate]

The only way would be to keep it renting or to sell it for less money than it’s worth. Buy another vehicle.

[@thisandthatfloridausa6112]

Good Informative video. Thank you. God bless you.

[@Jos3Molin4]

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]

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]

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

[@corvettefunstudios]

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.

[@samclontsii3548]

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

[@ruaballer931]

Are you accepting new clients?

[@soldierboy2525]

Where can I get in contact with Andrew?

[@yourcarbuyingadvocate]

His number is on the video

[@sanhasn786]

How we can contact Andrew if we have turo tax related question?

[@yourcarbuyingadvocate]

3309790595

[@katylear3971]

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

[@LFDRCHUCKIE]

💎💎💎

[@mbokar]

Can you write off your monthly payments?

[@aamctax9130]

Writing off the monthly payment is not an IRS approved method of deducting the cost of a business asset (unless it's a lease).

[@mbokar]

Thank you!

[@corvettefunstudios]

You can write off the interest portion of the payment, but not the principal paid back unless it is a lease.