pvlm@hou2f.UUCP (P.LAMASTER) (10/04/84)
<> I've heard some information about being able to depreciate a car over a three year period if the owner is in a position which integrally uses the car. I've also heard that the limit for such depreciation was just dropped to $15,000. Questions: 1) What are the necessary criterion for a person to qualify for such a depreciation? 2) Where do I look for details/hangups of the system? Pete LaMaster ihnp4!hou2f!pvlm until 10/9 (201)949-5009
hrs@houxb.UUCP (H.SILBIGER) (10/04/84)
A salesperson can deduct all expenses of a car (gas, mainetnance, insurance, depriciation) for the proportion taht the car is used for business. Of course, the car must be essential to the sales work, i.e. a telephone salesperson cannot deduct their car. Any payments by the employer for car expenses have tobe reported, even if the employer does not report them as employees income to the IRS, which he doesnt have toif they are < .205. The car has to be depreciated in three years from the date of purchase. so if you have already had the car for longer than that, all you can use is the expenses.