Auto & Truck Expenses
The most frequently asked tax questions related to Auto & Truck Expenses
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Answer Tax QuestionsCar Depreciation - limitation
Asked Monday, December 04, 2000 by an anonymous user
The first year limit for cars placed in business service in the current year is $11,160, if you elect the special depreciation allowance for qualified passenger auto's.
Are my tolls and parking costs deductible if I use the optional business mileage allowance method?
Asked Thursday, October 19, 2000 by an anonymous user
Yes. Whether you choose the actual auto expenses, including depreciation or lease payments, or use the mileage allowance method, you can still deduct the actual business tolls and parking expense costs. You should maintain a record of the expenses and keep your receipts to verify the deduction.
parking or speeding tickets
Asked Monday, September 11, 2000 by an anonymous user
Parking or speeding tickets are not deductible.
