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I need info for deducting car expense if a third company…

Customer Question
I need info for...

I need info for deducting car expense if a third company pays for gas.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I use one of my cars only for business travel. A company not connected to my employer reimburse me an amount per mile. The cost of the car is much more than the amount per mile I receive. Can I make any car deduction on my federal tax?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I think this is all

Submitted: 1 year ago.Category: Tax
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Answered in 4 minutes by:
3/21/2017
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - you will calculate your total deductible expenses based on actual expenses OR using the standard mileage rate - whatever is preferable for you.

Then you will subtract reimbursements you received - and the difference will be deductible.

That is regardless who exactly paid you these reimbursements.

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Customer reply replied 1 year ago
Can I take I deduct the cost of the car, interest on the loan. Where can I find list of all deductions.
Tax Professional: Lev, Tax Advisor replied 1 year ago

Yes - but ONLY if you choose to deduct ACTUAL car expenses.
In this case - you will not be able to use the standard mileage rate.
You will find all possible deductions in IRS publication 463

https://www.irs.gov/pub/irs-pdf/p463.pdf

page 16

Actual car expenses include:
Depreciation
Licenses
Lease payments
Registration fees
Gas

Insurance

Repairs
Oil

Garage rent

Tires
Tolls

Parking fees

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Customer reply replied 1 year ago
Thank You
Tax Professional: Lev, Tax Advisor replied 1 year ago

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

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Lev
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