For passive activity rentals (schedule E), what kind of automobile logs are normal?
RECORDS:
- Do you normally log just the number of miles, or the start and stop odometer reading?
- Do you normally explain in the log what the trip is exactly for (eg pick up paint, pick up rent, etc.)?
- Do you also normally log non-rental-use miles (or do they just log the rental associated miles and then assume the rest are not rental related)?
What does a typical log look like?
- Odometer-START: 090000; Odometer-END: 090010; Date=1/23/10 Time:10:00am Purpose=abc
EXPENSES:
- Do you normally save receipts for gasoline and oil and repairs or do you just use the whatever (40?) cents a mile (based on the logs above)?