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3 Replies Last post: Mar 2, 2008 4:05 PM by 25trekker1

Can I write off the expense of a car?

Nov 10, 2007 7:34 PM

teacup 33 posts since
Sep 29, 2007

Is a car that is purchased for the business, as well as some personal use considered a tax write-off? How does this work? As more background, the car would have the company logo if that matters.

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blueboxer1 8 posts since
Nov 7, 2007

1. Re: Can I write off the expense of a car? Nov 10, 2007 10:15 PM

From the IRS Website: http://www.irs.gov/businesses/small/article/0,,id=109807,00.html

Business Use of Your Car

If you use your car in your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. Refer to http://www.irs.gov/publications/p463/index.html, Travel, Entertainment, Gift, and Car Expenses. For a list of current and prior year mileage rates see the http://www.irs.gov/taxpros/article/0,,id=156624,00.html.

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LUCKIEST 7,939 posts since
Aug 6, 2007

2. Re: Can I write off the expense of a car? Nov 11, 2007 12:12 AM

Is the business purchasing the car for you to use?? or are you purchasing the car to be used
for the business, as well as some personal??
Having the company logo on the car is GREAT advertising and marketing.
LUCKIEST

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25trekker1 52 posts since
Feb 11, 2008

3. Re: Can I write off the expense of a car? Mar 2, 2008 4:05 PM

Yes, you certainly can! Just a tip from me, a former income tax preparer, both business and personal tax returns. Start keeping a precise and up-to-date mileage chart book. Be sure to indicate beginning and ending mileage for each car trip as well as the purpose of the trip.

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Can I write off the expense of a car?

Nov 10, 2007 7:34 PM

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