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Video instructions and help with filling out and completing Can 8850 Form Deduction

Instructions and Help about Can 8850 Form Deduction

We're here to answer the question can I take my car insurance premiums as a deduction on my tax return the answer is no probably not unless you're in a business if you're running a business and you're using your car as part of the business then that could be a legitimate expense and again typically you will either take all of your expenses for the automobile and whatever percentage of those are its used for business you would apply the factor to the expenses and take that deduction for instance if you took 50 percent of your miles per personal 50 percent work business you would take half of all your expenses and deduct those now you can take things like insurance you can take the cost of the if you're leasing the car or if you're paying interest on the car you can take depreciation oil fuel tires repairs that sort of thing the other option is to take the perm Island per mile deduction and the IRS will give you a number that is the allowable or the allowable deduction per mile and again you would take whatever number of miles that you use for business times the amount that they give you per mile and that would be your deduction but the answer the question you know can I take the deduction just on my personal return the answer is no not unless you're got a valid business.

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