Your Life

Your Life

Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.

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Valued Pioneer
Posts: 3
Registered: ‎02-01-2014

Deductions for personal vehicle if used for work

I travel 30 to 40 thousand miles a year for work using my personal vehicle.  My company pays for all of my fuel and pays me $0.28/mile.  I have all of my mileage sheets for the 2013 tax year and most of my repair receipts.  With that said, can I deduct any of this?

 

Thanks,

 

BrandonL

Associate (Neighbor)
Posts: 849
Registered: ‎01-22-2014

Re: Deductions for personal vehicle if used for work

Good Evening and welcome to the Community.  You can take either the standard mileage rate OR the actual expenses for business use of your car.  You can not take for commuting from home to work and work to home.  You can only take from job to job.  The standard is .565 per mile.  Actual expenses would be fuel, insurance, repairs, etc...  You have to subtract what your employer pays you no matter which way you go.

Cindy Kowalski
Senior Tax Advisor 5
24 years experience
Pioneer
Posts: 2
Registered: ‎04-07-2018

Re: Deductions for personal vehicle if used for work

Where would you subtract this? The forms do not give the option.


Thanks!

Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Deductions for personal vehicle if used for work

This would be an itemized deduction for unreimbursed employee expenses which is subject to a 2% floor. Only the amount that is over 2% of your income will end up being an itemized deduction.  Also, be aware that if you're partially reimbursed for mileage expenses, that you can only enter the difference in the amount of your costs (based on $0.535/mile in 2017) and the amount you were reimbursed. So if your employer reimbursed you $0.285/mile, then your unreimbursed cost would be $0.535-0.285= $0.25/mile. You should be aware that this deduction was among the itemized deductions that were eliminated by the Tax Cuts and Jobs Act-- Trump's new tax law that takes effect in 2018, so even if you can take it in 2017, you won't be able to in 2018+.

 

There's more info in IRS Pub 529 here: https://www.irs.gov/pub/irs-pdf/p529.pdf . Info about Unreimbursed Employee Expenses starts on page 2.

 

Karen