vehicle deduction on taxes
- Thread starter Dolfan
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Your accountant will be able to give the right information, he knows your business. and can explain how it works for you.
Dolfan
Senior Member
so you don't know the answer
The answer will depend on a number of things, are you a corp if so what type, how did your accountant set up your asset accounts.
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Rules can vary from state to state. Besides, this is what we pay our accountants for anyway.
my 2 cents
my 2 cents
your entire payment is a deduction....(thus a reduction in your gross profit) depreciation is certain % (which i don't know) of the total cost or "basis" as it is called of the asset spread out over its useful life....(also a reduction of your gross profit"....
my 2 cents
your entire payment is a deduction....(thus a reduction in your gross profit) depreciation is certain % (which i don't know) of the total cost or "basis" as it is called of the asset spread out over its useful life....(also a reduction of your gross profit"....
hardworkingstiff
Senior Member
- Location
- Wilmington, NC
This is only true if you are leasing the vehicle. If you (or the Corp.) own the vehicle, then only the interest is deductible.
Basically accurate, but like other say, this is why accountants have jobs and it's a good investment to pay one.
Dolfan
Senior Member
Lease...that's the word the makes the difference. Thank's to everybody that got to the answer.
- Location
- Lockport, IL
- Occupation
- Semi-Retired Electrical Engineer
And with that, given the absence of an electrical issue in this thread, it is being closed.
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