I am paying rent, bought a car, can these expenses be excluded from the taxable income in usa?
2007-01-27 13:53:01 · 3 answers · asked by Amit T 1 in Business & Finance ➔ Taxes ➔ United States
No. Not on federal tax return unless you use part of your house 4 work or use your car 4 work...and I'm not talking about your commute 2 and from.
2007-01-27 15:07:10 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
are any of those bsuiness related for a business that you are declaring income for? if not, then medical expenses are the only items that have any chance at reducing your taxable income and you have to itemize deduction even then to have any chance and if you rent and do not own a house, then you probably do not have enough itemizable deductions to worry about it
2016-03-29 05:43:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, those aren't deductible - those are normal living expenses.
A car that's used in a business might be deductible (not commuting to and from work - that's not deductible.
2007-01-27 17:51:15 · answer #3 · answered by Judy 7 · 0⤊ 0⤋