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Submitted 304 days ago...

charlesrich

charlesrich

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Vehicle expenses

My vechicle is a requirement in my job. Can I deduct my truck payment as part of my truck expenses.

 
 
 
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Submitted 304 days ago...

grandmother

grandmother

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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!

 

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grandmother

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