Maxi-Pedia Forum

I have been using my car for running around the town to meet some people in regards to my business. Can I deduct what I spent on gas from my taxes and how much?

The short answer is maybe. It depends on what you used the gas for (for example commuting to work isn't usually deductible).

If you can claim and prove (reports from your business trips, book of travel, signed documents from your meetings, etc.) that you have been traveling for your business, then you can deduct.

If you are an employee you would have to able to itemize and the gas receipts would have to be more than 2% of your adjusted gross income.

For business, you would use schedule C and for job related expenses, you would use itemized deduction schedule A (Form 1040).


Hope this helps.

I live in Iowa.
I couldnt repay my payday loan so the company took my car instead.
Can I deduct this loss on my income taxes?

Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions which is probably your case. For the U.S. federal income tax purposes, these types of dispositions are basis for gain or loss.

Note, this is also related to other dispositions, such as theft, vandalism, fire, storm, or similar causes. When you suffer a loss caused by any of these dispositions, you may be able to take an itemized deduction on your U.S. federal income tax return. You may also be able to deduct money you had in a financial institution but lost because of the insolvency or bankruptcy of the institution. The deduction of these types of losses is covered under the tax provisions for casualties, disasters, and thefts.

Well, i guess you can deduct your loss on your income taxes.. But, why is it that it reaches on that point?

Can you elaborate on what exactly you mean? I am not sure I understand..