Quote:
Originally Posted by bimmer4life24
If I'm not mistaken, you can still deduct up to $25k as a vehicle expense. Don't take my word for it tho. Got to check with the accountant.
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Yeah, you might want to read up on that further. Pretty sure that number is high.
If you're self-employed and you use the car 100% for business, you can deduct the interest from the loan (which is to your advantage).
There's something called a Section 179 deduction that is a one-time thing that you can claim on the first year you put the vehicle into service, but as of 2016 that was limited to roughly $11k, and it's only that high if you're using the car 100% for business purposes.
IRS publication 463 is worth a read.
Note: I am not an accountant, but my dad is... I've learned that there aren't nearly as many tax loopholes around cars as people think there are.
