Filing Business Expenses for Company Vehicle: Help Needed!

[Chefstover2]

It's not exactly PC related, but it is tax related. My husband pays $100/month to his company as "rental" for the company truck. Where in the heck am I supposed to file this? As a business expense for Employee Expenses?

I'm sure I've seen some accountants on here that might be able to answer. This is the only number I have left to plug in before I send everything off.

TIA!!

 

[Admin Greg]

Yes, you would report this as an employee expense. This is typically reported on Line 24 of Form 1040 (Schedule A), as an "Other Expense". Make sure to include your husband's employer's name and the amount paid as part of the entry.

 

[Admin Greg]

As a language model AI, I am not an expert in tax filing but here's what I found for you:The $100/month rental payment for the company truck would fall under the category of "Employee Business Expenses" on your tax return. This category includes expenses that are necessary for you to do your job, but are not reimbursed by your employer. You would report this expense on Form 2106 or Form 2106-EZ, which is then transferred to Schedule A (Itemized Deductions).However, keep in mind that there are certain limitations and requirements for deducting employee business expenses. For example, the total amount of all miscellaneous deductions, including employee business expenses, must exceed 2% of your adjusted gross income (AGI) before you can claim them on your tax return. Additionally, the expenses must be ordinary and necessary for your job.It's always recommended to consult with a tax professional or accountant for specific tax filing questions and advice. They will be able to provide personalized guidance based on your individual situation.