Hi I just bought a new vehicle can I write it off And can you explain to me how this works
Answered by Keeper Staff ·
Great question! The only way you can write-off your car is if you have self-employed income and use your vehicle in your trade or business. If both of those apply to you, then some, or all of your car is fair game!
The “how” part of your question is more complicated. There are two ways to write-off your car on your taxes: standard mileage rate or actual costs. Check out Keeper Tax's comprehensive guide to car tax write-offs to help with this process.