Jump to content
The Naked Investor Forums
Sign in to follow this  
<Steve>

Business Vehicle

Recommended Posts

I don’t know if DaveT is out there, but I have a question regarding using a vehicle in my real estate business.

 

Currently I deduct the mileage for business use, using my personal vehicle. The mileage is greater than deducting the vehicle expenses. If I purchase a vehicle through my business (business name on title) and it is used for business, I assume I can deduct the cost of the vehicle over time? And can I still deduct the mileage for each year?

Share this post


Link to post
Share on other sites
I don’t know if DaveT is out there, but I have a question regarding using a vehicle in my real estate business.

 

Currently I deduct the mileage for business use, using my personal vehicle. The mileage is greater than deducting the vehicle expenses. If I purchase a vehicle through my business (business name on title) and it is used for business, I assume I can deduct the cost of the vehicle over time? And can I still deduct the mileage for each year?

Hi Steve. If you use the standard mileage rate, you cannot deduct your actual car expenses for that year. Actual costs include depreciation or lease payments, maintenance and repairs, gasoline (including gasoline taxes), oil, insurance, and vehicle registration fees. An expense that you CAN take in addition to the standard mileage rate is the interest on any financing you have on the vehicle.

 

Further, to use the standard mileage rate, you must choose to use it in the first year the car is available for use in your business. Then, in later years, you can choose to use the standard mileage rate or actual expenses.

 

Hope this helps :-)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...