I bought a car in June and I was told that I could claim that as a deductible I was only wondering if anyone else knows anything about that.
2007-01-19 00:34:05 · 9 answers · asked by Paul G 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You can claim a business deduction, if the car was used for business. You also can claim the sales tax paid as a deduction, if you do not claim a deduction for state income tax!
2007-01-19 00:50:25 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
If the car is part of a business that you run and used mainly for that business, you can probably depreciate it.
If you itemize, you have a choice of deducting state and local taxes, or else sales tax paid. If you bought a car, and are deducting sales tax, then you can add the sales tax paid on the car to the amount given in the table for your state.
If the car is electric or a hybrid, there is an energy conservation deduction you'd probably be eligible for. The amount would depend on what car you bought.
Those are the only deductions that come to mind that you might be able to take in regard to your car purchase. In none of these cases can you claim the entire cost as a deduction.
2007-01-19 04:50:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I don't know where you are from and what the tax laws might be there, but...
If the car is part of your business (eg, if you are a plumber who uses it to visit clients, or you are a courier or taxi driver), then you cannot claim the price you paid for the car in the tax return of the year you bought it.
You can, however, claim depreciation on the car, which will be a proportion of the car's value every year, until its value reaches zero.
You can also claim running costs associated with the car (petrol, repairs, etc) to the extent that those expenses are incurred in the running of the business.
If you own a car for personal reasons, you still may be able to claim some running costs if you use the car for business travel This does NOT mean your daily commute to the office, however.
2007-01-19 01:05:49 · answer #3 · answered by cgibbinsuk 2 · 0⤊ 0⤋
No, you may be able to deduct the interest that you have paid on the car this year if you borrowed money to purchase the car and used something like your house as an abundance of collateral, though. But buying a car is not a deduction for an individual.
2007-01-19 00:39:49 · answer #4 · answered by mystery_me 4 · 0⤊ 0⤋
If you use the car for part of the deductible expenses of a business or for purposes listed in itemized deductions, you may qualify. Just to own a car does not qualify you by itself.
2007-01-19 00:43:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The sales tax you paid on the vehicle is deductible on the agenda A, in case you itemize and in case you itemize sales tax. once you assert you're protection stress, do you advise reservists? How in many cases do you should go back and forth to get to preparation? in case you advise you reside to inform the tale base and go back and forth living house to visit relations contributors, it truly is a own fee and isn't any longer deductible.
2016-10-15 10:55:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only if the car is part of your business, and I am not sure that ever then you can deduct it.
2007-01-19 00:38:28 · answer #7 · answered by Anonymous · 1⤊ 0⤋
only if you use the car for business.
2007-01-19 01:00:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If you want to go to prison for tax fraud, then yes.
If not, then no, you cant, I asked H&R Block about that myself.
2007-01-19 00:42:43 · answer #9 · answered by J-Far 6 · 0⤊ 1⤋