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I work for a charter school as the facility manager. I have

Customer Question
three different campuses to work...
I work for a charter school as the facility manager. I have three different campuses to work at. I own my truck which is used for work only and carry alot of tools. the school reimberses me for mileage while at work ,not the commute to and from. I get no vehicle allowance and spend out of pocket for repairs. I also own another vehicle which my wife and I use while at home. My question is that I'm starting to think about getting a new truck, because this one is starting to cost a lot to keep running. If I lease can I write the lease cost off on taxes.
Submitted: 7 years ago.Category: Tax
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Answered in 18 minutes by:
12/1/2009
Tax Professional: Lev, Tax Advisor replied 7 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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As you are using your car for your job - you may deduct your car expenses.

Generally - you have a choice - to deduct either actual car expenses or claim a deduction based on mileage. But you may not use both methods at the same time.

Because part of your expenses are reimbursed by your employer - that amount should be subtracted from your travel expenses (regardless which deduction method you are using.

 

Please use IRS publication 463 for reference - http://www.irs.gov/pub/irs-pdf/p463.pdf

If you lease a car, truck, or van that you use in your business, you can use the standard mileage rate or actual expenses to figure your deductible expense.

If you choose to use actual expenses, you can deduct the part of each lease payment that is for the use of the car in your business. You cannot deduct any part of a lease payment that is for personal use of the car, such as commuting.

If you lease a car that you use in your business for a lease term of 30 days or more, you may have to include an inclusion amount in your income for each tax year you lease the car. To do this, you do not add an amount to income. Instead, you reduce your deduction for your lease payment. (This reduction has an effect similar to the limit on the depreciation deduction you would have on the car if you owned it.)

 

Let me know if you need any help.

 

 

Lev
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