for those financing a vehicle, income tax report?

Yvette · 02-14-2013, 05:11 PM

do you also report your annual monthly payment when you do income tax report?
this is for personally not commercial, thanks

Zebra99 · 02-14-2013, 05:27 PM

Haha of course not dude... Nice try tho.

You can only claim if you're using for business purposes and are working, this are suffering a loss due to use and depreciation.

Personal usage does NOT count regardless of it being financed.
Hope this answers your question.

bobblehead · 02-14-2013, 05:42 PM

.... like the H&R block commercial .... "Tax Pain, there's nothin I can do, see ya"

Yvette · 02-14-2013, 06:21 PM

thought so
thanks haha

02-14-2013, 05:11 PM	#1
Yvette Major General 761 Rep 7,408 Posts Drives: M Join Date: Sep 2006 Location: Vancouver iTrader: (19)	for those financing a vehicle, income tax report? do you also report your annual monthly payment when you do income tax report? this is for personally not commercial, thanks
	Appreciate 0 Tweet Quote

02-14-2013, 05:27 PM	#2
Zebra99 Colonel 112 Rep 2,856 Posts Drives: 2011 335is E93 Join Date: Aug 2011 Location: Ontario iTrader: (6) Garage List 2008 BMW 335i E93 [10.00]	Haha of course not dude... Nice try tho. You can only claim if you're using for business purposes and are working, this are suffering a loss due to use and depreciation. Personal usage does NOT count regardless of it being financed. Hope this answers your question.
	Appreciate 0 Quote

02-14-2013, 05:42 PM	#3
bobblehead Brigadier General 256 Rep 4,721 Posts Drives: warp speed Join Date: Aug 2009 Location: Toronto, On iTrader: (0)	.... like the H&R block commercial .... "Tax Pain, there's nothin I can do, see ya"
	Appreciate 0 Quote

02-14-2013, 06:21 PM	#4
Yvette Major General 761 Rep 7,408 Posts Drives: M Join Date: Sep 2006 Location: Vancouver iTrader: (19)	thought so thanks haha
	Appreciate 0 Quote