turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

a-davis
New Member

Can I deduct a car purchase solely for company business

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DanielV01
Expert Alumni

Can I deduct a car purchase solely for company business

You can choose to either depreciate the car and claim actual expenses or claim the standard mileage rate in the first year.  If you do not use the standard mileage rate now, you must always use actual expenses.  Because of the large allowable deduction for 2018 based on bonus depreciation (which can up to $18,000 per vehicle, or even the full price of the vehicle if over 6,000 lbs), you may wish to use that method.

If it is a car, you won't be able to deduct the entire price at once, but $18,000 plus gas, oil, insurance, maintenance, etc. is still a significant deduction.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question