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Leasing a car as a business tax write off?

Discussion in 'Rental Equipment' started by Dirty Water, Feb 24, 2008.

  1. JonP

    JonP LawnSite Bronze Member
    Posts: 1,224

    if you use your personnal vehicle for business purposes your entitled to a set rate mileage for tax purposes. you must keep detailed records of the miles driven, take the start and ending odometer readings and write them down. your also entitled to maintenance costs. as someone said before, dont get creative here, take what your entitled to and thats it. you can lease a vehicle and write off the cost for business just like a truck driver can lease a truck and write off the payments. i dont really know how that works but its fairly common and any cpa should be able to explain how it works. if it were me i would go to my cpa and explain what i wanted to do and he could run through all of the tax implications for me and help me to make the best decision financially

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