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[wilbart]

Anyone have a citation for the Rules regarding Tax Deductions on Leased Car Payments (Company Cars)

Looking for Florida and New York Rules...

I ask because I am Vice President of a painting contracting company located in New York. I do all my work from home and fly to New York only when i absolutely have to.

The reason why I am a domiciliary of Florida is because I am attending Law School.

Would I be able to lease a car as a "company car" and deduct the payments if I conduct all my work and business from my laptop/cellphone at home and on the road with the corporate office being in New York?

Do not answer with nonsense just to get points...you will be reported to Yahoo!

[wendlesora]

Being a VP, couldn't you have the company lease the car so you wouldn't have to worry about getting the deduction or not?

If you're trying to make the payments on your own and looking to deduct it on your own personal tax return, it'd be a stretch and in the gray area - employee business expenses (2106), perhaps? Even then, you would be subject to 2% limition and additional phase out of itemized depending on your tax situation.

There is no Florida income tax so you wouldn't have to file a tax return, assuming you are domiciled in Florida, as you have stated.

[claudius]

Leasing a car under the company name provides the company with tax advantages not you personally. You say the companies money is your money which to me means you are an owner. As an owner of a company you should have a tax professional to answer this question. If the corporation owns the car, it can fully deduct car expenses, subject to dollar limits on depreciation, against its business income.

[oz]

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