If so, where do I enter the amt. on form 1040?
2007-03-24 04:56:21 · 3 answers · asked by KhrisB 3 in Business & Finance ➔ Taxes ➔ United States
To the extent that it's a business expense, you could enter it on line 20 of Schedule A. But restrictions apply.
2007-03-24 05:19:24 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If an element of the cost is a tax based upon the cost of the vehicle, that tax is deductible as own property tax in case you itemize. otherwise the expenditures are actually not deductible. some states base the tax on vehicle length or weight, "taxable horsepower" or another metric. those taxes are actually not deductible. in basic terms taxes based upon the cost of the vehicle are deductible.
2016-10-19 12:31:38 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes I have to give them to my tax guy every year.
2007-03-24 05:03:53 · answer #3 · answered by mommyrocks 3 · 0⤊ 1⤋