Are parking fees tax-deductible?

Question

I pay over $150 a month in downtown parking to get to work. Can I use this as a tax write-off next April?

Answer 1

The amount of parking fees spent going to work can be deducted (maybe) and the way to deduct these expenses is to use IRS Form 2106. Here is the form:
http://www.irs.gov/pub/irs-pdf/f2106.pdf

and here are the instructions for the form: http://www.irs.gov/pub/irs-pdf/i2106.pdf.

You are allowed to use this form to deduct "ordinary and necessary expenses for your job". This means you can only use this form if you work for someone else as an employee. However, if you work for yourself, it IS a cost of doing business and can be put on your Schedule C (or 1120 or 1120S or 1065).

As you can see, the amount from form 2106 carries the Schedule A to be included with the rest of your itemized deductions. You should read through the instructions and see if there is anything else that you are footing the bill for that you could deduct as well.

Thanks for the question!

Answer 2

Is Parking Tax Deductible

Answer 3

For the best answers, search on this site https://shorturl.im/VKjVT

I assume you mean deductible as an education expense. If so, the answer is no for Yale or any other college or university. Certain education related expenditures are eligible as a deduction or for either of 2 different types of credits. For all three, tuition and mandatory fees are eligible. For the American Opportunity Credit, the cost of books, supplies and required equipment are also eligible. The cost of housing, meals and transportation are not eligible costs for either the deduction or the credits. A parking fee is a cost of transportation and is rarely, if ever, required for attendance, even for commuting students. The only time parking fees might be deductible would be as a business travel expense. Business travel would not include commuting. So, as a student or university employee the fees would not be deductible. If your business required you to visit the campus occasionally or if your job required you to pay parking fees when visiting the campus and the fees were not reimbursed by your employer, then you may be able to deduct. See IRS publication 970, "Tax Benefits for Education" for more details on eligible education expenses.

Answer 4

This Site Might Help You.

RE:
Are parking fees tax-deductible?
I pay over $150 a month in downtown parking to get to work. Can I use this as a tax write-off next April?

Answer 5

Fees you pay to park your car at your place of business are nondeductible commuting expenses. You can, however, deduct business-related parking fees when visiting a customer or client.

Answer 6

It all depends on your occupation. And if you receive a W-2 or 1099. Any kind of occupation involving travel, yes most of the time as along as it is not reimbursed expenses. It would show it on your W-2. If your occupation consist of traveling , more than likely you are able to expense it off. There is a employee business expense form, which includes a travel area. Also on the form is for items you purchased, just for the use of your occupation. Like for instance uniforms. Check on the internet under IRS and you will see forms and publications for employee expenses, and it will explain what you can and cannot do.

Answer 7

No. If you are an employee virtually none of your "business" expenses are deductible. Even the ones that are, I wouldn't recommend taking because it's an audit red flag.

Answer 8

Yes if it's a business expense!!