is a 4x4 tax deductible for a job in the mountains?

is a 4x4 tax deductible for a job in the mountains?

Postby conklinmichael » Thu Oct 28, 2010 9:47 am

I was offered a job in steamboat springs, CO. I will be driving all over going to people's houses to get leases signed. Steamboat gets about 180 inches of snow a year. I currently drive a corolla. If I get an all wheel drive with high ground clearance would the purchase be tax deductible? I already deduct daily mileage from my taxes.

Please only answer if you really know the answer. I'm not interested in opinions or observations.

Thanks
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby falsi_fiable » Thu Oct 28, 2010 9:48 am

No, it is not. You may be able to deduct some of your mileage at 50 cents per mile. See IRS Form 2106 and Instructions. Most filers won't have enough mileage and other employee business expenses and itemized deductions to take advantage of the deduction. Ask your employer to reimburse you for mileage.
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby card_ron » Thu Oct 28, 2010 9:56 am

You cannot deduct the entire purchase price of the vehicle from your taxes. You may deduct either business mileage (currently at $.50 per mile) or actual expenses. Actual expenses would include the business portion of gas, repairs, routine maintenance, depreciation, etc. If your vehicle is used for both business and personal use, the business portion of actual expenses would be that percentage the vehicle is used for business.

Be careful how you choose. If you want to use the standard mileage rate for a car you own, you MUST choose to use it in the first year in which you put the vehicle into service for business purposes.
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby efflandt » Thu Oct 28, 2010 9:58 am

For business miles you have your choice of using the standard per mile rate, or figuring all your expenses (depreciation, insurance, service, fuel and other fluids) and the proportion of that used for business vs. total miles (business and personal). Note that commuting is personal miles (not deductible). In either case you need to keep a detailed log of business miles.

See http://www.irs.gov/taxtopics/tc514.html
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby Bobbie » Thu Oct 28, 2010 10:01 am

Good detailed daily written records of all mileage business and personal so that you could determine the percentage of business mileage use versus the personal use and the commuting use.
You already know the rules when you say you already deduct the daily mileage for the corolla business use.
Are you an employee that has an employer?
Information on use of cars. If you claim any deduction for the business use of a car, you must answer certain questions and provide information about the use of the car. The information relates to the following items.
* Date placed in service.
* Mileage (total, business, commuting, and other personal mileage).
* Percentage of business use.
* After-work use.
* Use of other vehicles.
* Whether you have evidence to support the deduction.
* Whether or not the evidence is written.
Employees must complete Form 2106, Part II, Section A, or Form 2106-EZ, Part II, to provide this information.
Use the search box at www.irs.gov for Publication 463
Hope that you find the above enclosed information useful
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby tro » Thu Oct 28, 2010 10:26 am

the purchase of it, no
if you are keeping a log of your miles already this will be the same, but commuting is not deductible, the miles you drive for your boss to various places is
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby StephenWeinstein » Thu Oct 28, 2010 10:30 am

The purchase of a vehicle is never deductible as a one-time expense. You can deduct a portion of it each year, called "depreciation", but only if you do not deduct mileage for the same vehicle, and only if you do the math to figure out the correct amount per year.
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Re: is a 4x4 tax deductible for a job in the mountains?

Postby Judy » Thu Oct 28, 2010 10:45 am

The miles driven as part of your job would be deductible if you itemize, for the amount over 2% of your AGI.
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