I am a college student studying taxes.
In my book it briefly mentioned that you can claim a vehicle expenses deduction. I know that for business purposes there is usually a deduction or reimbursement from your employer, but is there a deduction for a car with personal use.(either mileage or gas expenses) Also as a student would it benefit me to depreciate my car? (Not sure if I can do that either?)
2007-10-16 15:35:01 · 4 answers · asked by Chris R 1 in Business & Finance ➔ Taxes ➔ United States
As a student, you wouldn't be entitled to any deductions for your car. Any possible deductions are for business use, not personal use.
2007-10-16 17:04:01 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
No deduction for personal use. If you itemize you can take mileage for medical and/or charitible use of your vehicle. Even taking mileage as an employee is only under certain circumstances. Going from a first job to a second job, using your vehicle while you are at work (such as making deliveries) and things like that possibly deductible. Student only if you are taking continuing education not to pursue initial degree.
2007-10-16 15:43:38 · answer #2 · answered by Anonymous · 0⤊ 2⤋
contact a organization like purple heart and enable them comprehend you've a automobile you want to donate to them. they're going to provide you with a receipt for the motorcar, which will comprise the price they are waiting to get for it. that is the quantity you'll declare as a deduction. Be counseled regardless of the truth that, the automobile donation is a purple flag to the IRS, so anticipate to be audited. they are searching to be particular you're proper claiming the deduction, and by no skill in basic terms making up some variety to diminish down on your taxes.
2016-10-21 07:12:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is no way you can write off personal use.
2007-10-16 15:40:11 · answer #4 · answered by Anonymous · 3⤊ 0⤋