Need info from Tax Pro's

starkiller
starkiller Posts: 2,723
edited June 2011 in The Clubhouse
Finally landed a job after being laid off 2 1/2 years ago..yay!!:biggrin:
I am an independent contractor being a courier. Since I will be driving alot I am thinking about buying a cheap car just for the courier gig. I know about being able to write off most of the expenses and stuff but can I also write off the price of the car?
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  • disneyjoe7
    disneyjoe7 Posts: 11,435
    edited June 2011
    Interesting Question...


    I'm thinking no, but... may learn something here...

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  • Face
    Face Posts: 14,340
    edited June 2011
    http://www.cpaseattle.com/
    "He who fights with monsters should look to it that he himself does not become a monster. And when you gaze long into an abyss the abyss also gazes into you." Friedrich Nietzsche
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  • CNWDI
    CNWDI Posts: 91
    edited June 2011
    I'm not a "1099" employee but I have friends who are. From what I know, the answer is no--you can't simply assign the entire purchase cost of the car to a/the non-existent business. You *can* deduct mileage etc. as discussed here.

    The only way (AFAIK) you can actually get a write-off for some or all of the purchase price of the car is if you set up a business and purchase the car in the name of the business...which is a much more complex act than what I think you're contemplating. Good luck, and I'll wait for a CPA to weigh in with an actual expert answer...
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  • 4406bbl
    4406bbl Posts: 194
    edited June 2011
    Why would you want to? 59 cents a mile works out way better on a cheap car.
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  • starkiller
    starkiller Posts: 2,723
    edited June 2011
    Because right now a cheap car is still not that cheap...
    Computer room Hegeman 1 SpeakersM&K VX-80 subKenwood DP-7010Cambridge Audio CXC Transport Rega DACPrimaLuna Prologue Four AmpAric Audio Tube PreampGarage Jennings Research SquareCustom tube preampCrown XLS-1000Denon DCD-1500II Modded MSB Link DAC
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