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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
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Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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i am a diesel mechanic at a ford dealership. i am wondering

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i am a diesel mechanic at a ford dealership. i am wondering how to deduct my tool purchases. i have purchaced a new tool box from my mac tools dealer for $10800.00 and $1500.00 of other hand tools. i have only paid about 3600.00 this year. can i deduct total that i have paid or can i deduct the amount that i purchased?
Submitted: 4 years ago.
Category: Tax
Expert:  Jon Andrews replied 4 years ago.

If you are making payments to the Mac tool person/company, you can only deduct the amount that you have actually paid. Unless you have some "side business" income, you will only be able to report this as an employee business expense deductible as a miscellaneous itemized deduction on Schedule A.

 

jon

Customer: replied 4 years ago.
is there any way i can enter them in seperately like just the tool box and the rest of my tools. i did have a little bit of side busness work. i had a 1099 MISC for $820 for work as a mechanic.
Expert:  Jon Andrews replied 4 years ago.

It would be tough to justify $3,600 in expense for $820 of income but you could probably justify allocating a portion of the expense to the side income.

 

jon

Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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