for those financing a vehicle, income tax report? - BMW 3-Series (E90 E92) Forum

e90sexion · 02-14-2013, 06:11 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, 06:27 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, 06:42 PM

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

e90sexion · 02-14-2013, 07:21 PM

thought so
thanks haha

02-14-2013, 06:11 PM	#1
e90sexion E 9 0 S E X I O N Drives: like old times Join Date: Sep 2006 Location: Vancouver/WA Posts: 5,257 iTrader: (16)	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 __________________ KW \| VOLK TE37SL \| RECARO \| BMW PE
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02-14-2013, 07:21 PM	#4
e90sexion E 9 0 S E X I O N Drives: like old times Join Date: Sep 2006 Location: Vancouver/WA Posts: 5,257 iTrader: (16)	thought so thanks haha __________________ KW \| VOLK TE37SL \| RECARO \| BMW PE

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02-14-2013, 06:27 PM	#2
Zebra99 Lieutenant Colonel Drives: 2008 335i E93 Join Date: Aug 2011 Location: Ontario Posts: 1,996 iTrader: (4) Garage List 2008 BMW 335i E93 [5.00]	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.

02-14-2013, 06:42 PM	#3
bobblehead Colonel Drives: warp speed Join Date: Aug 2009 Location: Toronto, On Posts: 2,540 iTrader: (0)	.... like the H&R block commercial .... "Tax Pain, there's nothin I can do, see ya"