# 2018 New tax law. Can we still deduct milage and expense?



## RonL

Will we still be able to deduct mileage and expense in 2018. Or did the billionaires take that too?


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## Cableguynoe

RonL said:


> Will we still be able to deduct mileage and expense in 2018. Or did the billionaires take that too?


Too?
What else did they take from you?


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## Merc7186

Hopefully in 2018, the Billionaires take away dumb questions.


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## RonL

Cableguynoe said:


> Too?
> What else did they take from you?


Student loan interest and a ton of other stuff.


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## UberTaxPro

RonL said:


> Will we still be able to deduct mileage and expense in 2018. Or did the billionaires take that too?


Not much is changing on the business side (schedule c) for Uber/Lyft drivers that I've seen. On the personal side...maybe


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## Cableguynoe

RonL said:


> Will we still be able to deduct mileage and expense in 2018. Or did the billionaires take that too?


I don't follow this stuff too closely. 
But I work for a major cable company and the other day we found out we're getting a bonus due to something the president signed.


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## Safe_Driver_4_U

UberTaxPro said:


> Not much is changing on the business side (schedule c) for Uber/Lyft drivers that I've seen. On the personal side...maybe


we lost Net Operating Loss! that is HUGE loss for U/L drivers especially if they have additional income.


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## UberTaxPro

Safe_Driver_4_U said:


> we lost Net Operating Loss! that is HUGE loss for U/L drivers especially if they have additional income.


It's not lost completely. The 2 year carry-back is gone and it will also be limited to 80% of your taxable income which is a new provision. It might take a little longer to deduct your full NOL but you've still got 20 years to carry it forward.


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## Safe_Driver_4_U

UberTaxPro said:


> It's not lost completely. The 2 year carry-back is gone and it will also be limited to 80% of your taxable income which is a new provision. It might take a little longer to deduct your full NOL but you've still got 20 years to carry it forward.


Good news the reason I drive is I need to offset other income.


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## getawaycar

You can no longer deduct state taxes you paid from your federal taxes, making your overall taxes higher. One example of how the bill screws the average American. Only a complete moron thinks voting for a billionaire con artist would ever help them in anyway. Unfortunately most Americans are morons.


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## Mars Troll Number 4

getawaycar said:


> You can no longer deduct state taxes you paid from your federal taxes, making your overall taxes higher. One example of how the bill screws the average American. Only a complete moron thinks voting for a billionaire con artist would ever help them in anyway. Unfortunately most Americans are morons.


Who hoo for me...

Florida just got better,

No state income tax here =D


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## AuxCordBoston

getawaycar said:


> You can no longer deduct state taxes you paid from your federal taxes, making your overall taxes higher. One example of how the bill screws the average American. Only a complete moron thinks voting for a billionaire con artist would ever help them in anyway. Unfortunately most Americans are morons.


I think you are wrong: "The deduction for taxes *is retained *but capped at $10,000 for the year. Foreign real property taxes may not be included. The Act prohibits claiming a 2017 itemized deduction on a pre-payment of income tax for 2018 or other future taxable year in order to avoid the dollar limitation applicable for taxable years beginning after 2017."



UberTaxPro said:


> It's not lost completely. The 2 year carry-back is gone and it will also be limited to 80% of your taxable income which is a new provision. It might take a little longer to deduct your full NOL but you've still got 20 years to carry it forward.


If you have a NOL from Uber yr after yr then you are driving as a hobby and not as a business


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## neweagle

AuxCordBoston said:


> I think you are wrong: "The deduction for taxes *is retained *but capped at $10,000 for the year. Foreign real property taxes may not be included. The Act prohibits claiming a 2017 itemized deduction on a pre-payment of income tax for 2018 or other future taxable year in order to avoid the dollar limitation applicable for taxable years beginning after 2017."
> 
> If you have a NOL from Uber yr after yr then you are driving as a hobby and not as a business


I think that $10k limit applies to property taxes, but the deduction for state income taxes is gone.


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## Older Chauffeur

neweagle said:


> I think that $10k limit applies to property taxes, but the deduction for state income taxes is gone.


The 10k limit applies to the aggregate of property and state/local income taxes. The doubling of the standard deduction should help offset the loss of those taxes.

UberTaxPro posted this link in another thread:
https://www.taxbuzz.com/blog/tax-reform-side-by-side-comparison-current-law-to-new-tax-law


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## UberFred

Older Chauffeur said:


> The 10k limit applies to the aggregate of property and state/local income taxes. The doubling of the standard deduction should help offset the loss of those taxes.
> 
> UberTaxPro posted this link in another thread:
> https://www.taxbuzz.com/blog/tax-reform-side-by-side-comparison-current-law-to-new-tax-law


Thanks for the link.


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