- Jurisdiction
- Illinois
Hello,
I didn't see a tax section so I hope this section is fine to post in.
Details:
Questions:
I am trying to figure out if I should take the full description of the van in this first year while I have the chance to on my taxes?
Thanks in advance!
I didn't see a tax section so I hope this section is fine to post in.
Details:
- In the State of IL
- County: Cook
- Bought July of 2020
- I am the first owner of the Van. Only had 4 miles on the odometer.
- Van is under 6000 pounds.
- Cost of Van with Tax, Warranty Ect was around $28,600
- Placed into Business Service next day after buying it.
- Used for 95% of the miles (Which are logged) for business in 2020.
- I have (1) other passenger car that I use for Business and Personal. (Mileage is logged for business)
- Used almost 14,000 miles in 2020 for Business. That is about 95% for Business.
- Bought Brand New Minivan for 95% business travel/ Work.
- Bought meaning I placed a down payment and paying monthly. So bank still owns it for a few more years till its paid off. Not sure if having a payment makes a difference vs buying the Van 100% outright.
Questions:
I am trying to figure out if I should take the full description of the van in this first year while I have the chance to on my taxes?
- Interest Paid- Can I write off the interest paid towards the loan of the van if I fully deprecation it?
- Can I write off the interest paid on the loan if use the standard millage instead?
- Sales Tax Paid- Can I write off the sales tax paid (Currently lumped into the loan) If fully deprecation is taken or use the standard millage instead?
- Can I claim millage for Business use the future years if full deprecation has been made on the Van?
Thanks in advance!