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Tax deduction for buying a new car?
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Tax deduction for buying a new car?
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| 22/12 2013 07:56
First the 1040 schedule A itemized deductions will have to be used and filled out correctly and completely for this purpose and time in your life and the total amount from the schedule A will have to be MORE than your standard deduction is for the 2013 tax year and that amount is 6100 for a single taxpayer and (12200 for MFJ) free of the FIT during the 2014 tax filing season for the 2013 tax year. Your schedule A itemized deduction TOTAL amount would have to be MORE than your standard deduction is for that tax year before it would be of any benefit to you by reducing your AGI down for the purpose of reducing your TAXABLE INCOME AMOUNT down on the 1040 FIT return page 2 line 40 Itemized Deduction or standard deduction and then line 43 Taxable income at all to even start filling out the schedule A form for that purpose and time in your life. Go to the www.irs.gov and use the search box for Topic 501 Should I Itemize? www.irs.gov/taxtopics/tc501.html Hope that you find the above enclosed information useful. 12/22/2013
| 22/12 2013 08:20
For work tax deduction it is not as good as it sounds. You are better off being reimbursed by the company. In order to deduct the mileage of the car you must already be itemizing. In addition the first 2% of your agi is not deductible. If you make 50k a year 50000*.02=1000 so the first 1k of expenses are not deductible. You have a big loss there. 1000/55cents per mile = 1818 so the first 1818 miles are out of your pocket.
| 22/12 2013 13:16
I guess your husband got his tax advise from the car salesman. There has NEVER been a tax credit for flex fuel. The only thing left is sales tax, which is part of schedule A and business use of the vehicle. Note, I drove a lot of miles for 20 years for business. My employer was cheap and while they would reimburse us for miles driven, would pay 10-20 cents a mile less than the IRS rate. In theory, I could deduct that 10-20 cents on my schedule A, but it never made a difference to my tax bill.
| 22/12 2013 19:01
Cathi K gives the best answer above.
| 23/12 2013 23:10
Cathi has the correct answer. NA makes a good point also. You have to be itemizing which is the only way you can benefit from it, but even then its not worth it.
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