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Can I deduct auto expenses on my taxes? |
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If you use your car primarily for business, you can claim its depreciation as a deduction. However, there's a limit to how much you can claim each year, depending on the total value of your car. You may also qualify to make deductions for gas mileage and upkeep for your car.
Federal forms for declaring automobile deductions vary depending on the circumstances. If you're self-employed, you'll probably need to fill out IRS Form 1040, Schedule C "Profit or Loss From Business." If your business is a partnership or you're an owner of rental property, you may need to complete Form 1040 schedule E "Supplemental Income and Loss."
Consult with a tax professional, review IRS Publication 17 "Your Federal Income Tax for Individuals Tax Guide," or check the IRS website (www.IRS.gov) to determine how you can claim this deduction.
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