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JC522
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Company Car

Company provides a company car, pays for insurance, and gas with a separate gas card.  They charge me $150 per month (payroll deduction) for the "Personal" use of the car.

 

The company reports the total mileage on my Tax Form.

 

If I am using  the car more than 75% for business and less than 25% for Personal use can I deduct or get any of the $150/month back??  

 

Are there any Tax Experts that have experience with this scenario in the Northern NJ area?  I would consider having my taxes prepared by an experienced tax accountant.

 

Thanks

 

cotreauj@gmail,com

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1 Reply

Company Car

W-2 employees cannot deduct job-related expenses on a federal return.  Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond.  Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.

 

 

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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