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Level 1

Question

Self

Forum|Forum|3 years ago
November 16, 2022
1 reply
1 view

Can I write off my newly purchased vehicle in my business name if it’s in my personal name?

Level 5

Hi @Aaronvilla97

You can take a deduction for a vehicle if it is used in your business and for business use. If it is used for both personal and business then you will need to track the miles for each in order to properly claim this deduction.

You may also be able to claim depreciation on the vehicle depending on % of the use that is for business.

Please see this IRS Publication for more info.

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