can i use my car payment as a write off??
2007-02-15 08:15:00 · 3 answers · asked by ♫♥♪♬♥♪Try Me♫♥♪♫♥♪♬ 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
No, you cannot write off your car payment, even if you use it for business. If you use it for business, you can take a deduction for your costs related to the business use including depreciation, etc.
2007-02-15 09:19:21 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
only if it's used as a business car - that doesn't mean commuting though.
If you can write off the car, it's only the INTEREST that is deductible. However, tires, gas, mileage, repairs, etc... are write-offs.
2007-02-15 23:21:28 · answer #2 · answered by Dizney 5 · 0⤊ 1⤋
Not unless you used it for business and even then there are restrictions.
It all depends on your situation.
2007-02-15 16:45:58 · answer #3 · answered by R Worth 4 · 1⤊ 0⤋