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I'm an Uber and Lyft driver, self employed, Schedule C. I…

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I'm an Uber and Lyft...
I'm an Uber and Lyft driver, self employed, Schedule C. I take standard mileage deduction. I understand that because I take the standard deduction I can't deduct oil changes, tires, insurance and maintenance on my taxes but what about if my car gets damaged and needs some repairs to the body of the car?
Submitted: 11 months ago.Category: Finance
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Answered in 5 minutes by:
9/19/2017
Financial Professional: TaxRobin, Senior Advisor replied 11 months ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,390
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Financial Professional: TaxRobin, Senior Advisor replied 11 months ago

If you use the standard mileage rate you cannot claim any repairs as an expense for the vehicle.

If you choose the standard mileage rate, you cannot deduct actual car operating expenses. That means you can't deduct maintenance and repairs, gasoline and its taxes, oil, insurance, and vehicle registration fees. The standard mileage rate includes all these items, as well as depreciation.

In later years, you can choose to use the standard mileage rate or actual expenses. You cannot use both in the same year

Please let me know if you need more information.
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Customer reply replied 11 months ago
Thanks. One other question: of course I need regular insurance to drive my car. In addition I need a special endorsement to drive rideshare customers. Is this portion of the insurance deductible if I take the standard mileage?
Financial Professional: TaxRobin, Senior Advisor replied 11 months ago

You cannot claim insurance on the car but if this other insurance is separate from covering the vehicle then yes.

A positive 5 star rating is appreciated so I am credited for assisting.

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Customer reply replied 11 months ago
the endorsement covers injuries or damage i cause to other vehicles or people while the uber or lyft app is turned on but i have not accepted a ride. It is insurance that I wouldn't need to have if I wasn't a rideshare driver. The cost of this endorsement can be calculated by deducting the cost of the regular car insurance from the amount that includes the endorsement. I almost feel like it could be classified as "business insurance" or "liability insurance". Your thoughts?
Financial Professional: TaxRobin, Senior Advisor replied 11 months ago

If I were preparing the return I would say no because it is on the vehicle and not separate from the vehicle.

A positive 5 star rating is appreciated so I am credited for assisting

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Financial Professional: TaxRobin, Senior Advisor replied 10 months ago

Hi, just checking back with you to see if you responded

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