Ok, my husband does not have a regular office-he is a union contractor. He goes from job site to job site. He may do this many times in an eight hour day.
He put about 25,000 miles on his truck. Uses it only for work. What can we claim on this? I am confused here because there were about 4 questions in this area. (Using Turbo Tax)
Anyone have a clue? Thanks!
2007-02-08 05:17:03 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
All you need to know is if he owned the truck in question, if it was used only for work, and that it wasn't used "for hire" like as a taxi or something like that. If all that is correct and he REALLY only used the truck for work and has no regular starting location ( office or other normal starting location for his job) you can use the actual mileage on the truck. The rate is 48.5 cents per mile. Using this method, precise mileage records aren't essential but for next year he really should keep a log of his mileage and any parking or road toll fees he pays to be completely up to snuff with IRS record keeping reccomendations. Of course if his employer compensates him for the mileage already it can't be deducted.
2007-02-08 05:42:34 · answer #1 · answered by librarian 1 · 1⤊ 0⤋
Okay, if he works from his home then you can start the starting point to be from your drive way... if not you can only claim the miles from the first job site and for the rest of the day until he comes home.
Hope that helped you...
2007-02-08 13:21:51 · answer #2 · answered by De 5 · 1⤊ 0⤋
Contact an Insurance company to help you to answer you for replace ment of the truck after its life get over, and you will get the right answer
2007-02-08 13:33:26 · answer #3 · answered by Rahimtula A 1 · 0⤊ 0⤋
Hi Kim,
I believe you have to calculate it according to what milage they pay him...if he is in business for himself you would have to contact the IRS for specifics, but I do believe that corporate is paying $.48 a mile. And yes, you can deduct it from your taxes. Hope this helps.
Maria
2007-02-08 13:22:14 · answer #4 · answered by Maria 2 · 0⤊ 0⤋
The law requires that you substantiate your expenses by adequate records or by sufficient evidence to support your own statement. For further information on record keeping, refer to Topic 305.
http://www.irs.gov/publications/p463/ch05.html#d0e6509
2007-02-08 13:32:46 · answer #5 · answered by Rob 7 · 0⤊ 0⤋