I worked in a downtown metropolitan area this past year, and the monthly parking was very expensive. Is it possible to claim the parking expenses for work on my taxes?
2007-11-08 16:02:45 · 3 answers · asked by tribe2437 2 in Business & Finance ➔ Taxes ➔ United States
Sorry, but that's a commuting cost and commuting costs are never deductible.
2007-11-08 16:19:27 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Bostonian & Judy are correct in so far as trying to deduct these costs on your tax return.
However, it is possible to deduct the cost of parking by having it withheld from your pay and then paid thru a Sec. 125 (Cafeteria Plan). Check with your employer's HR dept.
I know, I did not believe it either! I guess it's a little-known codicil to the Faber College Charter, along with double-secret probation (lol)
2007-11-12 22:59:38 · answer #2 · answered by Hank Roitman, EA 4 · 0⤊ 0⤋
Not your parking at your normal place of work - that's a commuting expense and not deductible.
If you travel to other sites during your work day, have to pay for parking at those sites, and are not reimbursed, those would be valid employee business expenses and you might be able to deduct them.
2007-11-09 09:58:38 · answer #3 · answered by Judy 7 · 0⤊ 0⤋