Q: For example, I know a person who makes around 200,000 a year from real estates. He drives around a Mercedes S550. I thought 200,000 a year was too small to drive such a car but I recently found out that he leased it to get tax deduction. I don't get how it works. Can someone tell me how this work?
A: If you have a business or use the car in your line of business ( to make sales calls, etc. ), you can write off part of the car lease during tax time as a business expense. If the vehicle is only for personal use ( commuting back and forth to work is not considered business use ), you cannot write off the lease.
Related items
- My '82 Benz 240d, a/c fan motor needs replacing. What years can I find the same a/c fan?
- I need a Mercedes diesel engine complete with accessories and transmision 1998 or 1999 300 turbodiesel.?
- What do you think of this car?
- Where can I find a free ebook (on-line) repair book 4 a mercedes benz 95 c class 220. ?
- MercedesBenz Model,Which One?? :S ?