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You Own the Automobile, Take Mileage Deduction

Article ID: 290
Last updated: 25 Nov, 2018
Revision: 5
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By Jason Watson ()
Posted November 23, 2018

This is dead. Thanks to the Tax Cuts and Jobs Act of 2017 all miscellaneous deductions that were once subjected to 2% adjusted gross income limits and then deducted on Schedule A are gone. Obtaining a tax deduction through a mileage deduction on your individual tax return was always a bad idea anyway, and now it’s just a memory.

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You Own the Automobile, Get Reimbursed By The Mile       You Own the Automobile, Lease Back to Your Company