Can I get tax deductionfor for a new vehicle for uber sharing?

Options
eusujeong
eusujeong Member Posts: 4 Newcomer
edited January 15 in Credits/Deductions

This year, I bought a vehicle for Uber driving and paid a certain amount. So can I have a tax deduction for my downpayment?

Tagged:
· Share on Twitter

Best Answer

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 58
    Answer ✓
    Options

    Hello!

    Usually, Uber driving income is reported on a Schedule C (for business/self-employment income). On the Schedule C, you will be able to deduct related business expenses. You can also claim the expenses for purchasing a vehicle that was used for business. You will have the choice of deprecating the Actual value of the vehicle (so claiming the cost over a number of years) or using the Standard mileage method.

    So in a manner of speaking, you can claim the downpayment, and the value of car proportionate to the business use of the vehicle. So if you used it 90% for your business, you would eventually be able to deduct 90% of the cost. There are also some other possible depreciation options (like Section 179), but this is the gist of it. The software should guide you through the process and if you have any further questions, fill free to ask :)

    · Share on Twitter

Answers

Categories