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tnc008

Junior Member
What is the name of your state? NY

i am trying to determine if i can deduct all mileage and maintenance on a personal vehicle that is used for work. it is leased by my fiance and i use it and make the 400 payment each month.it is used almost exclusivly for business, probably 21k miles out of 23k driven each year. question 1, when turbo tax online asks me if i leased any vehicle in 2006 should i select yes and enter the 400/mo total? i am leasing from her. question 2, my employer gives me a 8480 a year for auto and i am not required to provide any expense reports to them. can i write off my mileage, gas, oil changes, etc.? on my w-2s the auto does not show up in my wages or on the form itself. it showed up on a seperate form titled "voluntary adjustments" , and it just says auto , ytd amount 8480. question 3, when i am asked if i received any reimbursments, do i have to enter this?

thanks for your help!

TNC
 
Last edited:


LdiJ

LdiJ

Senior Member
tnc008 said:
What is the name of your state? NY

i am trying to determine if i can deduct all mileage and maintenance on a personal vehicle that is used for work. it is leased by my fiance and i use it and make the 400 payment each month.it is used almost exclusivly for business, probably 21k miles out of 23k driven each year. question 1, when turbo tax online asks me if i leased any vehicle in 2006 should i select yes and enter the 400/mo total? i am leasing from her. question 2, my employer gives me a 8480 a year for auto and i am not required to provide any expense reports to them. can i write off my mileage, gas, oil changes, etc.? on my w-2s the auto does not show up in my wages or on the form itself. it showed up on a seperate form titled "voluntary adjustments" , and it just says auto , ytd amount 8480. question 3, when i am asked if i received any reimbursments, do i have to enter this?

thanks for your help!

TNC
Click to expand...
Its not your car and that is murky.....seriously murky.

However if it was, then your 21k of mileage would equal (21k x 44.5 cents per mile) 9345.00.....

Since you are reimbursed 8480.00 per year your additional deduction would be worth 960.00 and only the portion of that 960.00 that exceeded 2% of your adjusted gross income would be deductible. Unless you make less than 48k per year, you would not benefit from any mileage deduction.

Your bigger concern is if the the 8480.00 would even be excludable as income since you don't even own the car....and whether or not your fiancee is going to get hit with serious costs at the end of the lease because you are putting so many miles on a car that is leased in her name.
 
E

efflandt

Senior Member
If you take actual cost, you would have to keep track of and be prepared to document pro-rated expenses for percentage of actual business use (to/from work is private use, unless going out of town on business). Whether you do that or the gov't allowed per mile charge, you have to subtract what you are reimbursed by your company (you cannot take a tax break on something reimbursed for).

Can you document what you paid towards the lease (separate checks), since that is not in your family name yet? The typically lease allows 12k mi/yr and the best I have seen is 18k/yr, so excess mileage at the end of the lease may be a problem you cannot account for now.

Are you listed on her vehicle insurance policy and do they know the car is used for business (not having that sorted out could get you in trouble at some point).
 
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