Can I claim vehicle expenses for self-employed business if the car is not in my name?
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)?
Can I claim vehicle expenses for self-employed business if the car is not in my name?
Yes, you can still claim the vehicle expenses related to the vehicle despite not being listed as the owner. You should keep in mind though that vehicle expenses are limited to business use only and not personal ones. It would be a good idea to keep a log book to record your business and personal use of the vehicle. if you'd like to know more about claiming automobile expenses, here is alinkto a great TurboTax article.
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