Posted by CaSigner on 8/24/05 11:52am
Msg #61354
broken windshield - tax write off or not?
If you receive a broken windshield while driving to a signing can the cost to replace the window be considered a write off? has anyone taken a deduction due to that?
| Reply by JPS_CA on 8/24/05 11:59am
Msg #61357
I dont think you can take a deduction. But you can file a claim with your insurance, this type of claims doesnt quilify for a deductible. So you dont have to pay a deductible. Talk to your ins agent.
If you claim mileage you cant claim that repair as deduction. If you claim milege the only extra thing you can deduct is toll road I think. >This is not tax advice< Its just my opinion.
| Reply by BLE on 8/24/05 1:00pm
Msg #61386
Same here. My ins. deductible for comp. coverage is $100 but will be waived for glass breakage if I use certain glass shops.
| Reply by taxpro on 8/24/05 1:00pm
Msg #61387
If you use the standard mileage rate for your auto expenses, you can't deduct your repairs in addition to that. You can only take tolls, parking, interest and property tax in addition to the standard mileage rate. If you take your actual auto expenses, you would add this expense in with everything else, your gas, oil, repairs, insurance, depreciation, etc, and deduct the business percentage of that. Most insurance pays 100%, and no deductible usually applies for this type of damage. In that case, you'd have no deduction anyway, since you'd have no net cost. If insurance doesn't cover it, another possibility is to take a casualty loss, but you'd have to prorate it between the business/personal portions, based on the percentage of business and personal miles. You'd probably lose the personal portion because of the limitations on casualty losses on Sch A. And you can't "double-dip", you can't include it in your actual auto expense deduction, and take it as a casualty loss too. Hope this helps.
| Reply by BLE on 8/24/05 1:04pm
Msg #61389
Re: broken windshield - for taxpro
You mention that interest and property tax are deductible. Is that interest in relation to the taxes?
| Reply by taxpro on 8/24/05 1:32pm
Msg #61398
Re: broken windshield - for taxpro
I'm not sure what your question is, but I'll try to make it more clear...
When you prepare the Schedule C for your business income and expenses, you will want to show your auto expenses. You'll either take the standard mileage rate or your actual expenses. Either way, you have to keep track of your miles.
For actual expenses, you'll add up all your auto expenses, including gas, oil, repairs, washing, insurance, license plates, personal property tax, interest, depreciation, and whatever other auto-related expenses you may have. Then you figure your business percentage, by taking your business miles divided by your total miles, and multiply that percentage by your total auto expenses. However, you can take 100% of business related parking and tolls. Add those, and that's your deduction, in a nutshell. Your depreciation goes on a separate form (if needed) and a separate line, but that's basically how you arrive at the amount.
For the standard mileage rate, you'll mulitiply your business miles by the rate, 40.5 cents in 2005. You still need to figure your business percentage of miles, though, because you can add to this the business portion of your auto interest and auto personal property tax, and 100% of business related parking and tolls. Hope this helps.
| Reply by BLE on 8/24/05 1:41pm
Msg #61400
Re: broken windshield - for taxpro
I guess I should have worded my question better. Is the interest you are referring to the interest I pay on the bank loan I have on my car?
| Reply by taxpro on 8/24/05 5:33pm
Msg #61461
Re: broken windshield - for taxpro
Yes
| Reply by Lee/AR on 8/24/05 1:45pm
Msg #61403
Your comp part of your insurance ought to cover it with no deductible. At least, mine always has.
| Reply by Lee/AR on 8/24/05 1:47pm
Msg #61404
Sorry... didn't read all posts. REDUNDANT...ugh (nm)
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