2007-01-07 09:10:13 · 2 answers · asked by KRISTY H 1 in Business & Finance ➔ Renting & Real Estate
only if car was used for business purposes and then it may only be a percentage.
2007-01-07 09:12:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
this isn't really an Illinois question. this is federal taxes territory. this answer assumes you are not paid mileage.
you have two choices
1. you may deduct a certain amount per mile as an expense (you are told the exact amount in your tax booklets-it changes each year or
2. you may deduct expenses-this get a lot more complicated-there is a maximum you may deduct for the price of the vehicle-you must attribute %'s to personal and business-if your leasing you can deduct a different amount than if you're buying
there are a lot of factors that go into the decision of expenses or mileage-and most people end up going with mileage.
2007-01-07 17:18:12 · answer #2 · answered by dulcrayon 6 · 1⤊ 0⤋