Claim car payment on taxes as work expense?

[uRabbit]

Here's the deal; I already claim the mileage that I drive when at work. But can I claim a fraction of the car payment as well? I'd figure, as much percentage of miles I drive for work, I'd claim that percentage of my loan payment on taxes as well. Make sense?

But, would this be even worth the time? I currently use TurboTax and claiming has never gotten me anything extra. This year will be different, as I have gotten married and had a child. The monthly car payment is only $126 and mileage is about 40%, equaling about 470 miles per month.

[mcfroggin]

Do you have a home business?

[Petunia 100]

Originally Posted by uRabbit

Here's the deal; I already claim the mileage that I drive when at work. But can I claim a fraction of the car payment as well? I'd figure, as much percentage of miles I drive for work, I'd claim that percentage of my loan payment on taxes as well. Make sense?

But, would this be even worth the time? I currently use TurboTax and claiming has never gotten me anything extra. This year will be different, as I have gotten married and had a child. The monthly car payment is only $126 and mileage is about 40%, equaling about 470 miles per month.

The standard mileage rate already has depreciation for your vehicle built in. You cannot claim both the standard mileage rate PLUS itemize your actual expenses (depreciation is basically writing off the price of the car, which is what the payment is). You'd be "double dipping", and that won't hold up.

[uRabbit]

Interesting. Well, thank you for the info.