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Car used for business not in my name, can I claim vehicle expenses?
The truck I use for my subcontracting business is in my father's name. He is listed on the ownership and plates. The financing is also in his name, but I make the monthly financing payment. I pay for my portion of the insurance and am listed as the primary driver for the vehicle (under my parents' policy). I also pay for the gas and repairs. Can I claim mileage and vehicle expenses (monthly payment, insurance, gas, repairs)?
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Car used for business not in my name, can I claim vehicle expenses?
Yes, you can claim mileage and vehicle expenses on the car despite it not being in your name. When claiming vehicle expenses you should keep in mind that you can only deduct the percentage of your motor vehicle expenses that relate to your work. You may need to keep a logbook of the mileage you drove to earn income and the total mileage you drove in the tax year for both work and personal use. If you'd like to know more about motor vehicle expenses you can claim, here is a great TurboTax article.
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Car used for business not in my name, can I claim vehicle expenses?
Thanks!
I have another question related to vehicle expenses.
The car loan is in my husband's name but my son makes the car payment. Can my son claim the car payment from when he started using it for business or is that just an agreement between them? I'm guessing the car payment isn't part of the expenses where gas and mileage are entered but as CCA so my son can't claim he makes the payments?
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Car used for business not in my name, can I claim vehicle expenses?
Yes, even though the vehicle isn't in his name if he is making the payments, he can still claim CAA, gas and mileage.
Thank you for choosing TurboTax.