This is for the 2006 US federal taxes. I was thinking of setting it up like a taxi that makes no income so I can write off the milage.
2007-02-26 14:44:00 · 5 answers · asked by JohnnyS3 1 in Business & Finance ➔ Taxes ➔ United States
You get an "Atta Boy" for doing a good deed. And certainly your friend's gratitude. Shoot, I'll say you're a nice guy too!
But the IRS isn't so easily impressed -- well, Congress, actually if truth be told -- so you won't get any tax break for doing it.
Take the warm fuzzies and run with it. Something good will probably happen to you. If it hasn't already.
2007-02-26 14:49:43 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
No you can't take a deduction for it, but know that you're doing something good for someone.
You'd cause yourself more trouble than you want if you tried to set up a sham taxi business.
2007-02-26 23:13:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No, you cant write it off. But, hey, if you break your arm patting yourself on the back. thats a medical deduction. A good deed is done without expecting anything in return.
2007-02-27 01:11:35 · answer #3 · answered by jeff410 7 · 0⤊ 0⤋
That doesn't make sense. You can't write off expenses becuase you have no income to offset. You can't deduct it from your personal taxes if you're trying to set it up as a business expense.
2007-02-26 22:48:38 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Afraid not, but I applaud your generosity. I hope I have friends like that if I ever need them.
2007-02-26 23:02:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋