auto expense deduction?? tax write off of interest on loan

[bentwookie]

Has anyone used their car for work and were able to write off interest of the loan.

My job requires me to use my own car...so I plan on getting a new car and writing off the interest,gas,etc

just wondering if anyone has experience with it and knows some things I should watch out for.

 

[Frdm51472]

if you get a mileage reimbursement I dont believe you can write off anything......

I am not sure you can write off any vehicle expenses anyway without being the owner of the business.

 

[bentwookie]

Originally posted by: Frdm51472
if you get a mileage reimbursement I dont believe you can write off anything......

I am not sure you can write off any vehicle expenses anyway without being the owner of the business.

that's what I am afraid of...it's not a big deal, since I need a new car anyway..I will be getting reimbursed for mileage, just hope it doesn't negate everything else.

 

[CPA]

If you get reimbursed (mileage reimbursement) then you can NOT take a deduction for any vehicle use.

Same goes for uniforms, publications and the other work related items you may have purchased.

 

[Ausm]

Originally posted by: CPA
If you get reimbursed (mileage reimbursement) then you can NOT take a deduction for any vehicle use.

Same goes for uniforms, publications and the other work related items you may have purchased.

I agree I think it is .32 cents/mile


Ausm

 

[djNickb]

Originally posted by: Frdm51472
if you get a mileage reimbursement I dont believe you can write off anything......

I am not sure you can write off any vehicle expenses anyway without being the owner of the business.

You are correct sir