What is the name of your state? UT
My son tried his hand at direct sales when he returned from USMC basic training as a reservist. He had no car, so I let him use an elderly Jetta. He put almost 1,000 miles on it and was responsible for all the expenses of operating the vehicle--but the car stayed in my name.
He made a whopping $650 over 2 months trying to sell his product. Can he deduct any of the costs of operating that car, even though he did not own it? TurboTax seems to think not, but it seems reasonable to me that he could. He paid the money and it is a legitimate expense of his failed business.
Thanks,
Bill
My son tried his hand at direct sales when he returned from USMC basic training as a reservist. He had no car, so I let him use an elderly Jetta. He put almost 1,000 miles on it and was responsible for all the expenses of operating the vehicle--but the car stayed in my name.
He made a whopping $650 over 2 months trying to sell his product. Can he deduct any of the costs of operating that car, even though he did not own it? TurboTax seems to think not, but it seems reasonable to me that he could. He paid the money and it is a legitimate expense of his failed business.
Thanks,
Bill