Am I entitled to a tax deduction for parking may company provided car on my property?
Company provided car for daily work activities in the field.
I can use the car for personal use and pay for personal mileage.
I am required to take the car home with me.
I pay for commute miles home.
I cannot use my own car for work.
My town requires I park all work vehicles off public streets.
There is no alternative parking facilities provided by my company to store there vehicle.
Thank you!!
Answer:
If you can show actual payments associated with parking the company vehicle on you property, they should qualify as 'un-reimbursed employee business expenses' and be itemized deductions subject to on 2% AGI floor.
I doubt the IRS would accept the 'home office' argument made by someone above. The link below is a PDF file about home office deduction. Generally to qualify, you must use part of your home as a principle place of business, to meet with customers, or to store inventory. The vehicle does not appear to qualify.
you have a very good case. it is like using part of your home as an office.
I'm not an account but am self employed . my op is yes , either put under home office deduction or have your husband or wife if married rent you the parking space
Yes if company requires it...and you have no option about parking.
STEVEN F's answer is right. Don't listen to the other guys.
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