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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121177  
Subject: Re: deductions for a truck Date: 6/9/2000 4:27 PM
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I am a college student who works full time in the summer for my uncle doing construction. Many times I am required to use my car to haul things that it was never meant to haul. I am considering purchasing a truck and was wondering if I could deduct it as a business expense because it will surely be used for my job. Thanks for any advice you might have.

What you are describing is employee business expenses. You can deduct a portion of the operating costs of the vehicle (either your current car or the potential truck). Any reimbursement you receive for using your personal vehicle will of course reduce the deductable amount.

To take advantage of this, take a look at form 2106 and its instructions. I believe there is also some information on the subject of employee business expenses in the FAQ. The link is at the top of this page. The deduction is an itemized deduction and subject to the 2% of AGI limitation. So to see any tax reduction you have to both itemize and get your expenses over the 2% hurdle. Since you work only part of the year, this might mean you see no benefit. My suggestion is to 1) see what your estimated numbers really look like and 2) ask for a reimbursement of these very real expenses.

--Peter
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