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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > Regional Forums > USA - Great Lakes > *OFFICIAL Chicagoland Chat Thread* (#4)



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      08-01-2011, 09:45 PM   #1079
RaceBlood
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I used my car for work, I deducted car washes, service, insurance, parking space, based on percentage of work vs pleasure. Also depreciate the car, and also the sales tax is deductible.
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      08-01-2011, 09:50 PM   #1080
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I used my car for work, I deducted car washes, service, insurance, parking space, based on percentage of work vs pleasure. Also depreciate the car, and also the sales tax is deductible.
Which is allowed as long as you dont get mileage paid to you from your employer.
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      08-01-2011, 10:08 PM   #1081
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but the guy earlier said he got .35 cents a mile? Its .51 or .55 IRS says, so he can take the deductions.
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      08-01-2011, 10:34 PM   #1082
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per http://www.irs.gov/taxtopics/tc510.html

If you are an employee whose deductible business expenses are fully reimbursed under an accountable plan, the reimbursements should not be included in your wages on your Form W-2 (PDF), and you should not deduct the expenses.

If your employer uses a non-accountable plan to reimburse you for the expenses, the reimbursements are includable in your wages. Your employer will combine the amount of any reimbursement or other expense allowance paid to you under a non-accountable plan with your wages, salary, or other compensation and report the total on your Form W-2. Your employee business expenses may be deductible as an itemized deduction. For a definition of Accountable and Non-Accountable plans, refer to Publication 463 and Topic 514.

Generally, if you are an employee, to deduct your car expenses including expenses that exceed reimbursement under an accountable plan, you must complete Form 2106 (PDF) or Form 2106-EZ (PDF) and itemize your deductions on Form 1040, Schedule A. Your expenses will be subject to the 2% of adjusted gross income limit. Refer to Topic 508 for information on the 2% limit. If you are self-employed, car expenses are deductible on Form 1040, Schedule C (PDF) or Form 1040, Schedule C-EZ (PDF), or on Form 1040, Schedule F (PDF) if you are a farmer.
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      08-01-2011, 10:39 PM   #1083
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So you're saying if I drive my car 25% of the time commuting to and from work, I can deduct those expenses (if I don't get reimbursed)?
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      08-01-2011, 10:42 PM   #1084
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Only if the driving is for work purposes, just driving to your office doesn't apply.
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      08-01-2011, 10:43 PM   #1085
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hmmm...\\\what if I use a company card for gas, but otherwise see no reimbursement for putting work miles on my car other than commuting to and from the office?
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      08-01-2011, 10:47 PM   #1086
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Quote:
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hmmm...\\\what if I use a company card for gas, but otherwise see no reimbursement for putting work miles on my car other than commuting to and from the office?
For a car you only drive from you home to the office, the expense should be deducted on the company's return and you should record it as income.
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      08-01-2011, 10:48 PM   #1087
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can I deduct the other shit too though? I drive it to and from the office, and for work related business as well
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      08-01-2011, 10:55 PM   #1088
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Quote:
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can I deduct the other shit too though? I drive it to and from the office, and for work related business as well
if you drive in excess of the distance from your home to the office for work related business and you are not reimbursed for it, then yes you can deduct it. However, to make things simplier. You're better off having the business cut you a check for miles driven x $0.555. That you get cash thats not income and the business gets a tax deduction.

If you try to deduct it, you have to itemize and odds are you use a standard deduction and wouldnt get a chance to take advantage of it.
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      08-01-2011, 10:56 PM   #1089
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Ok think I'll just lobby for a new truck...already bought 1
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      08-01-2011, 11:04 PM   #1090
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Quote:
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Ok think I'll just lobby for a new truck...already bought 1
ha, if the company owns the truck and is depreciating it, then any personal use should be allocated to you and reported as income.
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      08-01-2011, 11:05 PM   #1091
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ha, if the company owns the truck and is depreciating it, then any personal use should be allocated to you and reported as income.
Yea, a new company truck to do any work driving in...recently hired someone so he has my old one
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      08-01-2011, 11:23 PM   #1092
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yeah i used to get $.35 a mile (back in like 07-08) because each job was at a different location across Chicago/Wisconsin. If I was going to and from an office to home, thats totally different. I don't think they pay the total of what the Gov will reimburse but I do remember being able to deduct the difference, however its a huge pain in the ass to do and didn't even come close to surpassing my standard deduction so I just said fuck it and moved on.
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      08-02-2011, 12:29 AM   #1093
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I took delivery today. I'm happy to have the X3 "back," and with the staggered setup.
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      08-02-2011, 12:32 AM   #1094
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And Seth, I found a 2008 535xi Wagon for $29,000. It's in Maryland, but it might be worth the trek. Here's the link.

I hope this helps.
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      08-02-2011, 12:52 AM   #1095
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nice x3. Im glad they didnt make it too big (like e53 x5 size).

what problems did you have for it to get lemoned?
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      08-02-2011, 01:00 AM   #1096
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its about $15k over my budget for a 3rd car but yeah...
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      08-02-2011, 01:02 AM   #1097
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Quote:
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nice x3. Im glad they didnt make it too big (like e53 x5 size).

what problems did you have for it to get lemoned?
Thanks! Yeah it's a nice size. Not too big, not too small, and nimble enough to handle almost anything the day might throw at you.

The problems: stability control sensor malfunction (three different remedies until fixed), steering rack rattle (unsuccessfully remedied after the third repair attempt), suspension malfunction involving the electronically variable dampers (same problem as the steering rack issue)

BMW gave up and told me that I could be refunded or look elsewhere for a different vehicle. I told BMW that I wanted more options for free if I was going to order another X3, so I loaded the car up (the 309 19" staggered tires, HUD, smartphone integration, BMW apps, and auto hi-beams were the options i had not originally selected), and they said yes.
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      08-02-2011, 01:03 AM   #1098
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Quote:
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its about $15k over my budget for a 3rd car but yeah...
Oh I thought you were looking at a B7 A4 for $25,000 to replace the 1er so I thought it would be somewhat reasonable. I must have misunderstood. If I hadn't leased the wagon (and if it hadn't been totaled) I would sell it to you.
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      08-02-2011, 07:27 AM   #1099
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Quote:
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nice x3. Im glad they didnt make it too big (like e53 x5 size).

what problems did you have for it to get lemoned?
Anthony, are you signed up for FMU track day?
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      08-02-2011, 07:53 AM   #1100
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