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#461732 - 06/23/18 04:17 AM Tracking Mileage
Suburban Gal Offline
Member

Registered: 06/22/17
Posts: 36
Loc: SE WI
As a new real estate agent, I'm looking for an iPhone compatible app or cloud-based platform that allows me to keep track of my mileage.

I'm interested in what others here use to keep track of their mileage and how it works for them.

Is there a particular app or cloud-based platform that you'd be willing to recommend? If so, what and why?

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#461733 - 06/23/18 10:29 AM Re: Tracking Mileage [Re: Suburban Gal]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
It's not done according to the Financial Accounting Standards Board; but for about 30 years, I always used one car dedicated for Real Estate, and I took the mileage on January 1st each year and subtracted it from the recorded mileage on the following December 31st to obtain an annual figure.

From this annual figure, I then subtracted all known personal trips, and attributed all of the remainder to business usage, and I applied the IRS Mileage Rate for a deduction, and was never audited (for this).

Here in tiny little Vermont, I sometimes drove over 44,000 miles per year . . . . sometimes like a pin ball machine, and well over 1,000,000 miles; but I spent the majority of my time on the actual Real Estate Business and NOT on filling out non-productive Logs to keep track of every single one of my dinky business trips.

That's just how I did it; but it's not for everyone . . . . talk to your Accountant or Tax Preparer about what will work for you. Record keeping (for this and other matters) can be a real pain; and you don't want to get stuck changing techniques midway through a Tax Year and have to construct a revised accounting. I'm my own Accountant and I prepare my own Tax Filings.

I don't know if there's an IRS Approved App that can be tied into your GPS and produces anything that would be an acceptable written record at Audit Time . . . . maybe one is coming down the Pike ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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