I live in FL btw. Thanks for any help in advance.
2007-04-08 19:55:57 · 4 answers · asked by gerard q 1 in Business & Finance ➔ Taxes ➔ United States
I live in FL btw. Will only the mileage the I log for business still be claimed? I won't be able to claim a percentage of the vehicles' payment?
2007-04-09 05:10:16 · update #1
The cost of the display material itself would be an advertising expense that could be deducted. But the car would not be considered business property.
Quote from IRS Publication 463 Travel, Entertainment, Gift, and Car Expenses:
Advertising display on car. Putting display material that advertises your business on your car does not change the use of your car from personal use to business use. If you use this car for commuting or other personal uses, you still cannot deduct your expenses for those uses.
2007-04-08 20:42:14 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
You can take the cost of the wrap as an advertising expense. This does NOT make your personal car a business deduction, however. The rules are very specific on that.
2007-04-08 20:33:59 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You should be able to claim the vinyl wrap cost as a business expense and the car payments also since you vehicle is now a business car since you are advertising...of course a tax expert will know what you can do for sure since state taxes are all different.
2007-04-08 20:04:14 · answer #3 · answered by MOMMY585 5 · 0⤊ 3⤋
As long as the vinyl wrap is something that has to do with your business and is not some cool design for your personal car, you can write off 100% of its cost. You would write it off on your schedule C as advertising expense.
2007-04-08 20:20:46 · answer #4 · answered by Harley N 3 · 2⤊ 0⤋