HH and new car

Published

Hi

I am new to HH hopefully getting an official offer tomorrow. My area will be 30 min from home, I have a 2005 Prius but have been thinking about getting a new car (used) can you write off car payments if it is used only for work for full time HH job?

Thanks

Specializes in Correctional, QA, Geriatrics. Has 39 years experience.

I am not a tax expert but I believe all you can write off regarding a car used for work only is the federal mileage allowance. If the car was registered to a business and not an individual then you probably could deduct part if not all of the purchase price as a capital expense. Capital expenses are generally pro rated over a five year time span.

However to be absolutely clear you should consult a tax professional.

caliotter3

38,333 Posts

When I read about this one time it stated that you have to keep scrupulous mileage records to be able to prove that the car was only used for business. Too much trouble for most people plus too hard to keep a car for only that use.

Intern67

357 Posts

You should also find out if your employer offers mileage reimbursement.