So I use my vehicle for my business and for personal use but at least 75% business. Recently had to replace motor and rebuilt transmission which cost about 10k. If the truck isn't 100% business does this disqualify me?
No. Because you're suppose to use the mileage as deductions. The mileage is already configured into what the govt claims is normal wear and tear.
The above statement is for personal taxes.
If you wrote off the entire truck when you purchased it... and it's categorized as "business 100%" then I believe you could write off any type of maintenance on the truck. If you aren't using the truck for 100% business.... and you never wrote off any payments on the truck. You can't write off rebuilt motors etc.
Last edited by TheMoneyShot; 09-21-15 at 12:08 PM.
If it's you, then you need to claim your allowable mileage, which already includes a "wear and tear" portion of your vehicle. So extra maintenence doesn't matter.
If it's your business, then everything is deductible. But you driving it personally means you should have a taxable benefit from using the business vehicle.
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Tax deductiable for car repairs
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