End-of-Year Odometer Reading

Older Chauffeur

Well-Known Member
Old habits die hard. I’m not driving for business anymore, but I noted my odometer reading today. I also track miles driven for medical reasons, although under the new tax laws, I may not even need to file a Schedule A. :rolleyes:
 

FLKeys

Well-Known Member
Well now if you drive for Lyft as well as Uber keeping records on a calendar year basis got a whole lot harder since Lyft is hiding what the passenger pays from us. Glad I did my first year based on a fiscal year.
 

Hornplayer

Active Member
It's December 31st. Just a friendly reminder to everybody to record your end-of-2019 / beginning-of-2020 odometer reading tonight (assuming that you operate on a calendar year and not a fiscal year).
I saw that request on my phone on Dec. 31. But I didn't have a chance to enter the year-end odometer reading that day.

Now it's Jan. 2, 2020. How do I enter the year-end odometer reading for the last day of Dec. 2019? Or where should I enter it?
 

JaxUberLyft

Well-Known Member
You just need it for tax return. Make an honest reasonable guess at what it was. If you are off by a few miles there is no way anyone anywhere would know or care.
 

lyft_rat

Well-Known Member
Mileage is nonetheless deductible in the year incurred and not directly tied to associated earnings.
True. But to keep things simpler in my books, the miles I drove on the week of Dec 30, I say all occurred in the new year. I can say that if I want.
 

LD598

Member
True. But to keep things simpler in my books, the miles I drove on the week of Dec 30, I say all occurred in the new year. I can say that if I want.
You can.... until the IRS asks for your mileage log and wants to know why miles driven in 2019 are being used for your 2020 expenses. The end of the year accounting with these companies is annoying for sure, but I’d still deduct all miles driven in 2019 on your 2019 tax return, even if you’re not getting paid for that work until 2020.
 

lyft_rat

Well-Known Member
You can.... until the IRS asks for your mileage log and wants to know why miles driven in 2019 are being used for your 2020 expenses. The end of the year accounting with these companies is annoying for sure, but I’d still deduct all miles driven in 2019 on your 2019 tax return, even if you’re not getting paid for that work until 2020.
Ha ha I said I log that whole week after Jan 1. My log is clean.
 
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