Actual Expense Method for Deducting Auto Expenses

Actual Expense Method for Deducting Auto Expenses

Rideshare (Uber, Lyft, etc.) and other drivers actually have two options (see my mileage vs. actual expense method article) for deducting auto expenses attributed to driving passengers for hire. These methods include the standard mileage rate method (available starting in 2011), and the actual expense method. Your total deduction and recordkeeping requirements differ depending on…