Hi there. I am assuming that you use your truck both for work and for pleasure. If that is the case and you are an employee (not self employed) you cannot write off the interest for your truck payment. You may be able to write off vehicle taxes paid and you can definately write off documented mileage incurred as part of your work (not mileage to and from work but mileage incurred during the course of your job).
Please refer to IRS publication 463 for all of the example scenarios and details on how you should handle your expenses. Click the attched link (or copy and paste to your browser to open) and review pages 15 & 16.
http://www.irs.gov/pub/irs-pdf/p463.pdf
Good Luck!
Welcome New User! ( Create Account | Sign In )
This is answer 1 / 1
View All Answers for Vehicle expenses
Question
Submitted 340 days ago...
Answer
Awarded Answer (What’s This?)
Submitted 340 days ago...
Answer This Question Now
If your Answer is chosen as the “accepted” answer, you will earn ongoing royalties on
this thread.
Simply type your Answer in the box below and post your answer.
Related Questions
Co-sign
I co-signed for a vechicle for my ex-girlfriend's son about four years ago and have since then found out that there is no way for me to get out of this comitment. The vechicle was recently reposessed by the...
How do i get my truck to start?
I have a 1999 Ford Explorer and my truck was running and i pulled the #20 fuse out on the inside of the vehicle the truck then immediately cut off i placed the fuse back in and proceeded to start it back up now...
ex-husbands truck
His truck is in someone elses name that worked for him because my ex has a DUI and this guy won't give him the title to the truck so he can change it over to his brothers name because this guy no longer works...
This Question has not been awarded yet.
