Car Lease Tax Write Off

[d2tradingltd]

Hello, I am a mortgage associate, 100% commissioned, i work alberta wide. Can I Lease a car and take the payment and insurance etc off my taxes, if so to what extent?

Thank You And Best Regards

 

[DaveRhydderch]

QUOTE (d2tradingltd @ Mar 30 2010, 02:00 PM) Hello, I am a mortgage associate, 100% commissioned, i work alberta wide. Can I Lease a car and take the payment and insurance etc off my taxes, if so to what extent?

Thank You And Best Regards

You can do it to the extent of personal use vs busines use. Keep a log that chronics your km. At the end of the year, figure out what % of your driving was for business, and you can deduct that amount. I.e. 50% of your car use was business and your total car payments was 6000. You can deduct 3000 off your taxes.

I am however not an accountant, that just what my accountant does for me.

 

[slaw]

QUOTE (DaveRhydderch @ Apr 2 2010, 10:13 AM) You can do it to the extent of personal use vs busines use. Keep a log that chronics your km. At the end of the year, figure out what % of your driving was for business, and you can deduct that amount. I.e. 50% of your car use was business and your total car payments was 6000. You can deduct 3000 off your taxes.

I am however not an accountant, that just what my accountant does for me.


I manage a few of our rental properties myself for a number of years. I am loging the mileage that use for the rental activities and claim tax at year end. Can I do the same and lease a car as mentioned above?
thanks

 

[slaw]

QUOTE (slaw @ Apr 8 2010, 12:28 PM) I manage a few of our rental properties myself for a number of years. I am loging the mileage that use for the rental activities and claim tax at year end. Can I do the same and lease a car as mentioned above?
thanks

Hi, Can anyone offer some advise? thanks

 

[dwoychuk]

QUOTE (slaw @ Apr 11 2010, 10:10 PM) Hi, Can anyone offer some advise? thanks


I believe as long as it is considered a business expense then you can claim it. Keep your log as you are doing, but also keep note of your total mileage for the year and keep any expense receipts (gas,oil changes, repairs, etc.). However I would also discuss with an accountant to make sure you can maximize the write-off`s.

 

[slaw]

QUOTE (dwoychuk @ Apr 11 2010, 10:24 PM) I believe as long as it is considered a business expense then you can claim it. Keep your log as you are doing, but also keep note of your total mileage for the year and keep any expense receipts (gas,oil changes, repairs, etc.). However I would also discuss with an accountant to make sure you can maximize the write-off`s.


Thank you for the advise. I will check with an accountant to confirm