Can I deduct my monthly vehicle payments on my taxes if I used the car primarily for work?
I work with people who have various disabilities and we visit different places in the community as a part of our treatment. When I started this job I was making regular payments and at some point I transfered the balance owed to a credit card because the interest was fixed and significantly lower. Can I deduct the monthly payments and the final lump sum pay-off that I had made while doing this job? Thanks
Asked By: drapper25 - 4/8/2006
Best Answer - Chosen by Asker
You can deduct vehicle expenses including fuel and maintenance if you are not reimbursed by your employer for car expenses. Or you can deduct it by the mileage
Answered By: getsmatt - 4/8/2006
Additional Answers (3)
No. You can only take depreciation on a car you're purchasing. If you were leasing, yes, the payments are deductible. Don't forget the government allows you to deduct 48 1/2 cents per mile for the legitimate use of your personal vehicle for work purposes. This is inclusive of fuel, maintenance, insurance, etc.
Answered By: blkwdw86 - 4/8/2006
Nope, because I'm sure you use your car to do things for yourself as well. Like the grocery store, or going to the post office, or anything else. You CAN however claim your milage!
Answered By: MrsAutoDr - 4/8/2006
You can either deduct the actual cost of opertating the vehicle i.e. depreciation, gas, repairs etc. or mileage, but not both. The mileage for 2005 was .405 from Jan-Aug 31 and .485 from Sept-Dec 31. For 20006 the mileage is .445
Answered By: gitmo - 4/9/2006
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