Have you guys rented a car? Uber includes it on miles driven in your tax summary. Its legal and legit. Since you cant write off miles AND car costs, you choose one.

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CanadianbaconSF

· #25 · Mar 29, 2020

UberBastid said:
Naw, not really.
I know the 'secret'.
But, I took an accounting class in college.

It's called 'amortizing depreciation'.
As an example: if you buy something for $1000 and it will be worth nothing in ten months, it costs you $100 a month to own/use that equipment.
Now, the question is ... can you rent/lease it for less than that.
If you can, rent it.
If not, buy it.

You do?
Really?
And you're proud of that?
You loan $3k a year to the federal government - for free?

And in this case you cant. Also, my cars still worth something. Its own or your a fool.

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CanadianbaconSF

· #28 · Mar 29, 2020

UberBastid said:
Oh, I see, you want to make the computation more complicated?
I can do that.

So, another example to address your objection:
You buy a piece of equipment that will never be worth less than $2000.
You pay $12,000 for it, and in ten months is it fully depreciated and worth $2000.
Your depreciation cost was .... $100 a month.

If you can rent for less than that - rent it.
If you can buy for less than that - buy it.

Get it now?

There's lots of variables, and I don't know what they are.
But being a business owner and professional driver - I'm sure you do.
Pencil it out.

You may be right, I dunno.
Have you done an analysis?
Do you know?

Of coarse I have and Iv rented myself for about 2 months, then owned. From PERSONAL EXPERIENCE, I obviously netted much more while owning. The car could be worth nothing in 2 years and I would still make much more, and that car will still sell.

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CanadianbaconSF

· #31 · Mar 29, 2020

Dropking said:
You obviously dont.

Firstly, Getaround's costs are going up because they are assuming additional liability if you happen to infect the next user of the car because of your wreckless insistence on driving when you should be home. You even handle other people's food already handled by multiple other hands before you even take it for delivery. Im not going to say what you do is evil, but it is dumb and Getaround has to price for knuckleheads.

Secondly, car rentals are losers. If a driver is driving a car with, say, 200,000 miles he is making a windfall on the tax deduction even though his car is essentially worthless for bookkeeping. Meanwhile you are paying an absurd amount for renting. The only time renting makes sense is if you compare costs to a newly purchased car, but only an idiot would drive a new car for ridesharing.

Exactly. End of this stupid debate. You rent your a clown who doesnt have the credit to lease to own, or your broke and cant afford a cheap car. Its like someone coming in to rent a car and saying yall dont take debit or ebt? Rental is a fine place to START, to see if you can handle doing this, to make a little side cash for the very short term, but if your renting long term your a fool. End of debate.

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CanadianbaconSF

· #37 · Mar 29, 2020

Leave our forum your nothing more then annoying

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