taxes - vehicle issue

[PatWilbur@aol.com]

James Grebe writes:

>	Have any of you who have a vehicle that is soley (100%), therefore fully
>deductable seen the question on this years tax return.  It is on the back
>page of form 4562 Depreciation and Amortization.  Part V line 32 and
>states,
>	 "Was the vehicle available for personal use during off-duty hours?  May I
>ask what is the difference.  What does that have to do with anything.
>line 35 already asks if there is another vehicle you use for personal use.
>
>
These are not new questions. They are used to help determine the
believability (audit potential) of your deduction for vehicle expenses.

If you have a vehicle that is used for both personal and business purposes,
you are supposed to keep a mileage log to document your deduction. If you
answer that your vehicle was both "available for personal use during off-duty
hours" and that you do NOT have "another vehicle you use for personal use"
and you claim 100% business use of a vehicle, then you are really going to
fail the reasonableness check. Get it?

I hope I've been some help, but if you need a pro please see my previous
post...

Pat Wilbur (former tax accountant)
Fort Worth, TX

"I worked hard to get where I am. Where am I?"