Re: Security Deduction - Landlord Forum thread 345125

Re: Security Deduction by Garry (Iowa) on May 23, 2016 @16:10

I agree with the other 3. You can deduct the mileage on your tax return, but you cannot charge the Ts for it, only the materials. If you would have paid some else to drive those same miles, you could deduct that amount from the Ts deposit. Your driving is just a cost of being in the rental business. Its no different than if you only lived 1 mile away--would you really charge the Ts $9 for those 8 trips? Besides, look at it in reverse, from the IRS standpoint. The IRS will only allow you to take the$.56/mile if that amount came out of YOUR pocket. In your scenario, if it came out of the Ts deposit, YOU could not deduct it on your tax return. That would be fraud-----deducting miles that YOU didn't pay for. I think your T could take you to court, and have a 95% chance of winning on the mileage claim. About your last 2 sentences----what is the "loss of income" about? If you had to take off of working on another job, to travel to do those repairs, and therefore that was a loss of income, then NO, you cannot charge the T for that loss. Again , that would be the cost of being in the rental business.

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