lease vs own

Tousi said:
I don't believe that is allowed.
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I believe you're right. That sounds like commuting, which is not normally deductible.
 
Jiro said:
I commute to work by car/motorcycle. I pay toll and gas. Can't use those expense as tax write-off. Only your company has to agree to compensate you for commuting expense. For example - VP technician does get compensated for this but tax write-off? nope.

the only way to get a tax write-off is if you own a business.
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That's right. I can deduct mileage for assignments that don't pay me mileage. Hubby takes actual fuel charges instead of mileage for his business expense, and he gets depreciation on his van.
 
Leasing isn't for me...I exceed the limits. ;) In one of the years, I could be driving 17,000 miles in a year or in other year I could be driving 14,000 miles.
 
If there were no fees or rules, I would lease because I am tired of worrying about whether my vehicle will break down or not.
 
Leasing car have several cons cuz if you returned the car if it went over the miles it'll charge hefty fees. Also suppose if you or spouse dies, it suck to lose some estate $$ to cover the cost of Lease agreement. It actually happened to my father in law that he died couple years ago, everyone in family thought they'll waive it but it's not. Lawyer had explained about the lease agreements that did not include waiver if one died having leased car, one of family member may have to cover the cost of lease what's left of it.

I prefer own it than lease it. It may cost $$'s for repairs but there are always a ways around. Currently there are new kind of insurance that covers the cost all kinds of repairs. Secondly, If I died, my kids can own up my car/truck.

Catty
 
purplecatty said:
Leasing car have several cons cuz if you returned the car if it went over the miles it'll charge hefty fees. Also suppose if you or spouse dies, it suck to lose some estate $$ to cover the cost of Lease agreement. It actually happened to my father in law that he died couple years ago, everyone in family thought they'll waive it but it's not. Lawyer had explained about the lease agreements that did not include waiver if one died having leased car, one of family member may have to cover the cost of lease what's left of it.

I prefer own it than lease it. It may cost $$'s for repairs but there are always a ways around. Currently there are new kind of insurance that covers the cost all kinds of repairs. Secondly, If I died, my kids can own up my car/truck.

Catty
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That's good point you have, catty. I, unfortunately, not able to get lease during my credit. So, I'm get own car anyway. jaja
 
Work is not revelent to owning a business, so therefore zero of them is tax write-offs able.

PowerON said:
Let say, I have travel total of 11k miles for work and I use personal for how much? less 2,000 miles. Wouldn't that harm? no?

You're such a hecker to scary. lol
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PowerON said:
Yeah yeah, I already get it. Quit put brick over me.
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A lease wouldn't work well for you anyway. Best bet is a certified pre owned. Smartest thing to do would be buy whatever you can afford paying cash and drive it until the wheels fall off. Pay payments into a savings account instead and upgrade in a couple years. If you cannot qualify for a lease then you will be paying a high interest rate for any loan. Which means you will be paying high interest on a rapidly depreciating asset due to the number of miles you drive.

If your vehicle is less than 5 years old and has less than 100,000 miles an extended warranty on your current vehicle might be the best idea.
 
diehardbiker said:
Whats difference between tax write off and tax deductible? Actually both means same thing.

The only difference is tax credit which means you get cash back and that is huge difference.
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exactly but there is no write off able
 
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