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Updated almost 8 years ago on . Most recent reply presented by

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Matthew B.
  • Investor
  • Howey in the Hills, FL
114
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376
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Personal Vehicle Used (Almost) 100% For Business

Matthew B.
  • Investor
  • Howey in the Hills, FL
Posted

I have a personal vehicle that I use almost exclusively for business. If I put 10,000 miles on it in a year, 9,500 are for business. I track my mileage religiously, but accountant always tells me I can't report all of that business mileage because it will trigger an IRS red flag. He usually reports the business mileage somewhere below 50%. I feel like I'm getting cheated out of a larger deduction. My business miles are legitimate! Does anyone else have this problem or do I need a new accountant?

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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied

@Max T.

Transferring the title of the car has nothing to do with tax deductions. 

If the car is titled to yourself but is used for business - it is still deductible.

If the car is titled to business but is used for personal needs - it is still NOT deductible.

  • Michael Plaks
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