Vehicle Expenses in CA

Question 1

Auto Expenses in CA

Answer 1

using a perinal vehicle while conucting trade/business is deductible

Question 2

Daily Mileage Recoreds should include:

Answer 2

Begining, endin, commuting, and business mileage.

Question 3

Standard Mileage Rate for 2021 and 2022

Answer 3

.56 and 58.5 per mile respectfully.

Question 4

Can Taxpayer use the standard mleage rate if they have ever used any depreciation method on the car?

Answer 4

No.

Question 5

Can Rural mail carriers who received a qualified reimbursement (from employer) also use standard mileage?

Answer 5

No. Instead, tax payer may be able to treat the amount of reimbursement as allowable (actual) vehicle expense. So deducting the differnce.

Question 6

Parking tolls Actual Expenses for mileage include:

Answer 6

Gas
Oil
Tolls
Parking
Garage rent
lease payments
registration fees
depreciation
repairs
licenses
tires
and insurance

Question 7

Can you deduct Loan interes for actual expense?

Answer 7

Only as a self employed.

Question 8

California Confirms to the federal definition of listed property. How is one eliligble for Section 179?

Answer 8

Section 179, the vehicle must be used more than 50% ub a qualified trade. if 50% or less, in addition to being inelligible, the vhickle must be depreciated using the ADS method (straight line) over the ADS recovery period.