Six Weird Vehicle-Related Tax Deductions Page 2

April 7, 2014

1968 Ford Mustang 'Branded Special'

1968 Ford Mustang 'Branded Special'

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Own a classic car—and use it for business. Ever wanted to drive a classic car? You might be able to make it tax-deductible. You'll need to buy it with the intent to use it primarily for business (if you have an auto-body shop, for instance, and you're providing courtesy lifts from the shop in a classic Camaro), then you can treat it as a depreciating asset—and then potentially, if you've made the right choice in model, profit a little bit when you sell it and move on. Washing, waxing, and other car care are covered. But beware that if it's garaged, babied, and used as an exhibit, the rules are completely different and it won't count as nearly as much of a tax benefit.

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