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R
rlundberg-pbidfw
April 14, 2024
Question

Can an employee deduct a black suv if used for a business purpose?

  • April 14, 2024
  • 1 reply
  • 0 views
I'm told up to $6,500 may be deducted. I want to make sure this is not just for a business owner, but also for employees.

1 reply

M
MinhT1
April 14, 2024

Job-related expenses are no longer deductible for employees.

 

Up to tax year 2017, job-related expenses were deductible as an itemized deduction subject to the 2% of AGI floor.

Under the Tax Cuts and Jobs Act, itemized deductions for job-related expenses subject to the 2% of AGI floor are suspended for expenses incurred after December 31, 2017 through 2025.

 

Therefore, your car usage as an employee is no longer deductible for tax year 2023.

 

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