Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

Tax Professionals are Online Now

characters left:

Not a Tax Question?

Question

Is there a new law that allow you to deduct half of what you paid for your car if you use it for business purposes?

Submitted: 2020 days and 17 hours ago.

Category: Tax

Value: $1

Status: AWAITING CUSTOMER ACTION

Answer

There is no new law, except

1. As applies to SUV type vehicles, MGW of 6,000 lbs. or more. And within the guidelines of this law, the deduction could be more than half, and

2. As applies to "bonus" depreciation, which is a first year additional amount deductible, which could approach 1/2 the cost.

The only caution here is that what you deduct this year, you do not have available to decuct next year. This year's "bonus" is next years lacking.

Accepts:
Expert:	T. R. Miller, The SunTaxMan
Pos. Feedback:	100.0 %
Answered:	5/11/2004

Public Accountant , Tax Preparer

30+ years in Public Accounting and Tax Preparation

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Tax

Have your own Tax question?

Question

Is there a new law that allow you to deduct half of what you paid for your car if you use it for business purposes?

Answer

Related Tax Questions