If I formed my own company because I was a 1099 overseas security contractor, and I buy a vehicle, can I write that off?
2007-12-12 21:30:04 · 3 answers · asked by chris 2 in Business & Finance ➔ Taxes ➔ United States
thanks....
2007-12-12 23:02:23 · update #1
I am unemployed and use it to try to find work. Make a difference?
2007-12-12 23:50:59 · update #2
If it's not used as part of your business, no you can't write it off. You might be able to take a small amount of it for job search expenses though.
2007-12-13 08:23:14 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
A vehicle legitimately used in business can be written off over its useful life by depreciating part of its cost every year. You don't have to form a company to do that. You can use your personal vehicle for business purposes and depreciate it, or deduct an appropriate amount based on the number of miles you drive for business purposes.
It is important to keep good records of your business and personal use of your vehicle to be able to show that your deductions are legitimate.
2007-12-13 05:38:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on whether or not you used the vehicle in the performance of your work. If you were overseas working and the vehicle is HERE, in the US, you won't be able to deduct any of it. I would venture that any use of the vehicle in that situation would be personal.
2007-12-13 07:43:23 · answer #3 · answered by acermill 7 · 1⤊ 0⤋