2006-12-17 10:10:32 · 8 answers · asked by msufan1999 2 in Business & Finance ➔ Taxes ➔ United States
Yes, if you are self-employed & that car was used in your trade.if you are also using it for your personal use(say 30% personal use) then 30% of repair bill won't get relief.However you will be bale to get 70% relief.
If employed then sorry No relief of what so ever.
If you are the director od a company & using this car for personal & business purpose then you get 100% relief.No proportionate alloaction is made for personal & business use
2006-12-17 10:32:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Only if you use it for business purposes. You can claim maintnance, repairs and the cost of fuel. Or, you can claim the milage but you have to keep a log of it for proof. I've found that milage is a much better way to go if you drive a lot. At 47.5 cents a mile it adds up quick. If not for the milage deduction I'd be up a creek without a paddle when tax time comes around. I deduct over 15K miles a year which adds up to a tax savings that's worth over $7,000.
2006-12-17 10:29:08 · answer #2 · answered by smilindave1 4 · 0⤊ 0⤋
It depends, if you use the car for a business then yes.
If the car was a personal car and damaged extensively you may be able to claim a casualty loss on the car.
However to do that you must itemize your deductions, and then you must deduct the loss (cost of repairs) by 100. Then you must further reduce it by 10% of your AGI (income).
It is unlikely that you can deduct these expense but not impossible
2006-12-17 10:14:24 · answer #3 · answered by Jerry 3 · 2⤊ 0⤋
not as easily as claiming vehicle repairs on tax deductions:)
2006-12-17 10:18:53 · answer #4 · answered by Stanley S 2 · 0⤊ 0⤋
Not unless you use the vehicle for your business, and it was a part of the operation of the business.
Just in case, when you are doing your returns - I use www.taxactonline.com - check for yourself.
I'm 99% sure you can't though for personal use...sorry.
2006-12-17 10:17:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, if the vehicle is used for your job.
2006-12-17 19:40:20 · answer #6 · answered by Yellow Tail 3 · 0⤊ 0⤋
If you use your vehicle for business purposes (to earn your money) than yes. If you don't, then you can't.
2006-12-17 10:18:09 · answer #7 · answered by Mariposa 7 · 0⤊ 0⤋
Not unless business vehicle - no.
2006-12-18 01:44:29 · answer #8 · answered by vegas_iwish 5 · 0⤊ 0⤋