Buying a vehicle and taxes etc.

**TomCopeland** · 02-03-2014, 05:59 PM

vehicle

Originally posted by Jack Sprat

I searched for the answer but didn't find what I was looking for.

Anyway, we are thinking of buying a new(er) van this spring. Can I write the purchase of the van off as an expense, even if its used for personal use? HOw much of a write off is it? As far as tagging the van. Would it be better to tag it under my name or under the name of our daycare business since if I need to get a loan it would be under the daycare account at the bank. Thanks!

You can claim business expenses associated with a van when you take trips that are primarily for business purposes. You can also use it for personal purposes. It doesn't matter whose name is on the van as long as you are married. If it's easier to get a loan with it under your business name, fine.

You can use either the standard mileage method or the actual car expenses method to claim expenses for the van. Using the standard method you get $.56 per business mile, plus parking, plus tolls, plus a portion of your car loan interest and car property tax. That's it.

If you use the actual expenses method you can deduct a portion of all the actual expenses associated with your van - gas, oil, repairs, insurance, depreciation on the cost, etc.

For details, see my article: http://www.tomcopelandblog.com/claim...continued.html

Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here:http://events.r20.constantcontact.co...&llr=yatrx4cab

Buying a vehicle and taxes etc.

Buying a vehicle and taxes etc.

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