FREE MOTOR?

[dft24ds]

Ok tell me if you think this would work. I've been thinking of getting a second job and saving money to build and turbo my motor, when I had this great idea.

When you deliver pizzas you have to use you own vehicle ,right? Well this would mean you are using your personal, everyday driver to do work right? Follow me I'm getting to the good part....Lets just say you "blow up" your motor. Now you have to either get a new one or rebuild the one you have. So you fork out the money for the motor, but come next tax time tax deduct the entire cost of the motor(with all new goodies). Last tax season I got to deduct all of the gas that I used because I used my car for my own "business". (too bad I didn't have a DL for 6 months!)

So what do you think? Will it workfor the motor?

[Altiman94]

more than likely not.

[dft24ds]

Do you mean for the motor and turbo? What if i just got the motor built and added my own turbo kit to it later do you think i could get away with it?

[frsh13]

try it and let us know

[dft24ds]

Oh I will too bad I have to wait close to another year, I may be weird but right about now I wish tax season was just around the corner

[Graphfixz]

Ok...

1) You can not deduct the entire cost of the motor... only a percentage and if my memory serves me right it would be around 10%

2) You may not even be able to do it. You may only deduct your milage. Why? No matter how long or how much time I work on my companies website I can't charge myself and I can't bill the Gov't for it.... although I would love to!!

3) well... that is all I can think of

[Nismo_Freak]

You are just removing tax money you would otherwise pay. It's not free.

[scheffler]

ok when you file taxes they put you into a bracket based on how much you make and the give you a standard deduction but i am not sure exactly how much it equals but if you want to do your own deductions you dont get the standard and you deduct what you come up with so it might be better to get the number that is standard and se which is more but i know that you are able to deduct work expenses so i would say go for it but i would have someone that does taxes for a living help you

[Anand]

when I was in Cali....

If you spend more than $3000 on any kind of a hobby, and have all the reciepts, you can deduct that from your taxes...

I did that one time and I got a few hundred $$ more than what I was getting before I deducted the amount.

[dft24ds]

2) You may not even be able to do it. You may only deduct your milage. Why? No matter how long or how much time I work on my companies website I can't charge myself and I can't bill the Gov't for it.... although I would love to!!

last year when I did my taxes...or better put when I had my taxes done on an air force base by someone who worked for the government, ALL yes ALL of my business expenses were deducted. I was doing welding at the time so all the wire, grinding disks, material, tools, and gas to the workplace were deducted.So I guess the real question is, is there a differnce rebuilding a motor and deducting it, than getting gas money back?

[Graphfixz]

material yes, time no.I can deduct my compuers.. although not all at once. They do the 'depreciation' thing.routers, software, desk, pens, pencils yes, yes, yes,... even customer jobs, however when it came to my website to enhahnce it, or upgrade or whatever... then nope! Can't do!

I could spend 3 weeks adding a new feature to my application and could not write those 3 weekds off.

[Camel]

depreciable equipment can be written off. you have to depreciate it over a number of years. you can only do this if you itemize your deductions. be careful, the irs doesn't play around. go to a qualified accountant rather than asking folks on a car club message board.