As a rental property investor, you can typically claim mileage deductions for your local travel to manage or maintain your properties. REI Hub helps you manage and claim this valuable deduction with the Mileage Log.
If you track mileage outside of the REI Hub system but still want to enter it for consolidated end-of-year reports, you can make a summary entry into REI Hub. However, if you do this, make sure to maintain the trip-by-trip records from your mileage tracking system in case you are ever required to present them to the IRS.
To Use the Mileage Log
1) Navigate to the Mileage Log and click Add Mileage
You can access the Mileage Log under the Organization tab.
2) Enter the details for the required fields
Date, Miles, Vehicle, and Trip Purpose are all required fields, according to the IRS' requirements for recordkeeping.
If you have not entered a vehicle, the system will prompt you to add one.
Manage the vehicles listed in REI Hub by clicking the 'vehicles' button.
3) View, Export, Filter, or Edit trips from the Mileage Log page
Mileage deductions will be reflected in the Auto and Travel category of the Schedule E report.
Since mileage deductions are a specific tax deduction and not a financial transaction, mileage deductions will not be reflected in the Net Income reports.
Still have questions? Reach out to our Support Team via email at [email protected] or call us at (888)939-6865.