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Submitted By: someone
Answered: June 1, 2020 10:53 pm
Answered: June 1, 2020 10:53 pm
My spouse drives a company truck to worksites during the day but is allowed to bring it home at night. Can he deduct anything?
The company deducts the expenses related to the truck because it belongs to it. However, your spouse’s personal use of a company vehicle is a taxable fringe benefit. The amount usually is reported as such on Form W-2. There is nothing for your spouse to deduct…the company deducts the business driving and there’s no deduction for personal commuting.
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Tax Glossary
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
