Can a car bought for a self employed business be deducted as an expense?

judy-cronin — Sat, 01 Jun 2019 20:03:43 GMT

If you have a vehicle that you purchased for business, yo...

SherylSTaxExpert — Sat, 01 Jun 2019 20:03:45 GMT

If you have a vehicle that you purchased for business, you have options on how the deduction is treated.

1. You can fully depreciate the vehicle (based on business usage) in the year of purchase (if your vehicle is eligible and you use the vehicle over 50% of business)

2. Keep a log of your miles of how much you drive, and take the standard mileage rate

3. Deduct expenses such as gas/repairs

The link below will provide more details on the various options you have to expense your vehicle.

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh

topic Can a car bought for a self employed business be deducted as an expense? in Deductions & credits

Can a car bought for a self employed business be deducted as an expense?

If you have a vehicle that you purchased for business, yo...