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Old 02-09-2001, 08:10 AM
Richard Martin's Avatar
Richard Martin Richard Martin is online now
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Join Date: Mar 2000
Location: Greenville, NC
Posts: 14,468
Watatrp wrote:

<b><i>Can someone tell me about deducting vehicle payments. My truck is used only about 40% for business and the rest for personal use. Right now I deduct for mileage only.</b></i>

There are 2 types of vehicle deductions.

The first is the one you are using. You can deduct for every mile you use the vehicle for your business.

The second is the expensing method. You add up all of your vehicle expenses for the year and then in your case you can deduct 40% of those expenses.

In either case accurate mileage logs must be kept. The log does not need to show the mileage for every stop. I use these catagories for my mileage logs: The date, mileage at the start of the day, mileage at the end of the day, purpose of trips, total mileage for the day. It would look like this:

Date...Start.....Stop.......Purpose.......Total Miles
5-1-00.23009.....23015......Local Cutting......16
5-2-00.23021.....23151......Trip To Mower.....130
............................Dealer

If you go off of your route to get lunch or a drink then those miles are not deductable. Remember, IRS auditors are trained to look for inconsistances.

[Edited by Richard Martin on 02-09-2001 at 08:13 AM]
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