Tom Please Help!!!

[Thriftylady]

My minivan quit two months ago, the mechanic said it was time to give it a smashing because he couldn't in good faith fix it for me it wasn't worth it. I just paid cash for a new (used) minivan. The van will be used for daycare AND personal. It will be my main vehicle, but the reason for a minivan is daycare. I usually just track my mileage due to this. My question is that the cost of the van, can I deduct any of that on taxes next year if I just do mileage or no? I am asking now so I know how to handle my bookkeeping. Thanks a ton!

I think my wonderful DD is just glad mom isn't borrowing her car all the time now .

[TomCopeland]

car expenses

My minivan quit two months ago, the mechanic said it was time to give it a smashing because he couldn't in good faith fix it for me it wasn't worth it. I just paid cash for a new (used) minivan. The van will be used for daycare AND personal. It will be my main vehicle, but the reason for a minivan is daycare. I usually just track my mileage due to this. My question is that the cost of the van, can I deduct any of that on taxes next year if I just do mileage or no? I am asking now so I know how to handle my bookkeeping. Thanks a ton!

I think my wonderful DD is just glad mom isn't borrowing her car all the time now .

You can either use the standard mileage rate to claim van expenses or use the actual expenses method. If you use the standard mileage rate you can deduct $.54 per mile (2016 rate), plus parking, plus the business portion of car loan interest. IF you use the actual expenses method you can claim the business portion of all the actual expenses (gas, oil, repairs, insurance, etc.) as well as depreciation on the cost of the van. The business portion is the business miles divided by the total miles the van is driven.