Can you really claim a toyota highlander on your income taxes?
455694
only if it is a business vehicle
95181
Yes, if insurance didnt cover all of it.  You have to itemize to claim it.  Use form 4684 and Schedule A.  After you figure your loss you have to reduce it by $100 and then reduce it again by 10 percent of your Adjusted Gross Income.  Refer to IRS Publication 547
358266
If it's your main residence and you live in the UK no. If it's not your main residence you pay capital gains tax. You have an allowance for capital gains for the year 2006 to 2007 of £8,800 so you pay tax on a gain over that. you should also adjust for the effects of inflation - check the finance pages on TV teletext - there used to be a chart for that on there - not sure if there still is. Outside the UK the tax rules are probably similar - ask your local IRS office. Incidentally, capital gains applies to the sale of a copyright so if you write a magazine feature in the UK and get paid up to £8,800 in this financial year - you won't pay tax on it. Assuming you haven't used your allowance for something else. Capital gains tax does not apply to cars, household furniture, etc. Basically, stuff that goes down in value normally. So you can't offset the loss on a car against a gain. But a gain on a car is tax free (as long as you don't sell them as a business).\n\nThat is one hell of a top answer! 10 points!
223739
That depends on the type of car, cost of operating it, mileage driven for work, and total mileage for the year.\n\nGenerally, if you drive a lot of miles, you are better off with the mileage.  If you have a used car, mileage normally works.\n\nIf you have a larger truck (F-150, Expedition, Tahoe, etc.), you can often take increased depreciation in the first year, which is tax advantageous.
107354
Regarding the IRS, it depends on a lot of things. Remember gross income is income from whatever source derived, not if it is a certain dollar amount... Is it business or personal? Did you sell for more than what you bought it for? If you did, you need to look into the reporting requirements.
892397
If you are receiving a flat dollar amount per month from your employer for the use of your personal automobile while on company business the likelihood is that you will not be getting reimbursed for gasoline purchases as well, although I have seen instances in my accounting practice where an employer will pay both. You will have to ask your employer to explain its policy in this regard if you are not sure.\n\nThe important thing to be aware of is that this money is subject to income tax in your hands as a taxable benefit. In this respect it is important to keep track of all your automobile operating costs as well as the mileage you are driving while on business. At tax time you add up all your auto operating costs, multiply it by the proportion of your business mileage over your total mileage for the year. The resulting figure is the costs you have incured while on business. This cost can be taken as a deduction in computing your income for tax purposes. In some cases these costs will exceed the amount received from your employer as a car allowance thereby offsetting the fact that you have to include the allownace in your income while at the same time giving you some tax saving on the difference. \n\nMany employers pay their employees a mileage allowance for the use of their personal automobiles while on business. Employees are required to report the distance travelled and the reason for the trip on an expense report. As long as the per kilometer rate paid by the employers is equal to or less than the prescibed amounts permitted by the Canada Revenue Agency, then this type of alowance does not have to be included in the employee's income for tax purposes.\n\nFor more detailed information go to the website below
260229
They keep that money. You can claim local taxes as a deduction on federal taxes though.
482930
If you are purchasing from an unregistered dealer you need to pay tax.\n\nNow the issue is VAT is introduced in most states so the implication can be worked out. If had purchased from a registered dealer you could have availed a set off.\n\nYou may also work out tax implication versus saving you made by purchasing from UR dealer
437986
Yes. There are several clauses state that this is a possibility. Refer http://www.irs.gov
947758
Your taxes are taken before you get your check so no this is not possible.
240896
You might be liable for sales tax on registering the vehicle, check with the DMV. As for other taxes, no, any gift taxes would be the responsibility of the giftor.
790754
Depends what the item is.  In many states they have Personal Property Taxes.  They also have luxury taxes.  All of these might be additional taxes you will incur.
174191
No - unless you own your own business and the car is technically owned by the business.
55802
If you don't they will require a cosigner.  Do not purchase the vehicle if you can't pay for it.  It will only cost you more in the long run.
20234
1.You may claim the interest/ Property taxes /Registration fees tolls and parking.\n2.also You can claim deprecation Maintenance and Fuel Costs \n3.Or a flat milage rate of  BEFORE SEP 01 40.5 cents per mile AFTER SEP 01 48.5 cents per mile IF not used as a vehicle for hire that carrys passengers such as a taxi\n4.You may deduct 1 and 2 Or 1 and 3
779986
You can't "write it off."  The $500 IS income (you would have to pay for the car yourself otherwise,) and the 22 cents per mile pretty much seals the deal -- you are being given a car by a company, and you can't even claim the normal "I use it 60% of the time for business" sort of deduction, because you're also getting paid for that.\n\nYou can offset the $6,000 untaxed income (for which you'll be paying up to $2,000 in taxes) by charitable deductions, paying into a 401k or other retirement plan, etc, but you aren't going to be able to duck the hit on your taxes.  The amount may be high enough, in fact, to incur penalties for underwithholding, so doing what you can today to get the untaxed income covered might be a good idea.\n\nYou should also consider and discuss with the company if there is a better way to handle this.  They may be doing it for any number of reasons, or they might just do it as a "default" and have other options (best one being "they own the car, you use it ONLY for business reasons.")\n\nSee IRS publication 463, chapter one and, more specifically, chapter four.  I've provided a link in the "source" below.  You should also consider consulting a tax professional and/or accountant if reading Pub 463 gives you a headache.
638020
they are but can be offset by deducting tool purchases and depreciation and taking standard deductions for vehicle expenses. Vehicle expense is taken as an allowance per mile so you have to keep a little log book to compute your business mileage