Tax Deduction New Vehicles
February 23rd, 2009
Question: Am I entitled to a tax deduction for parking may company provided car on my property?
I am located in New York, USA
Company provided car for daily work activities in the field.
I can use the car for personal use and pay for personal mileage.
I am required to take the car home with me.
I pay for commute miles home.
I cannot use my own car for work.
My town requires I park all work vehicles off public streets.
There is no alternative parking facilities provided by my company to store there vehicle.
Thank you!!
Answer: If you can show actual payments associated with parking the company vehicle on you property, they should qualify as ‘un-reimbursed employee business expenses’ and be Itemized Deductions subject to on 2% AGI floor.
I doubt the IRS would accept the ‘home office’ argument made by someone above. The link below is a PDF file about home office deduction. Generally to qualify, you must use part of your home as a principle place of business, to meet with customers, or to store inventory. The vehicle does not appear to qualify.
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