Auto Rules Overview
Operating costs for vehicles used in the course of a taxpayer’s business are deductible. Thus, when taxpayers use their vehicles in their businesses or employment, they can deduct that portion of the cost of operating their vehicle. Such costs that can be deducted are property taxes that are paid on their vehicle if deductions are itemized on Schedule A. This course reviews apportionment of personal and business use, the actual cost method, and the standard mileage method, and expensing. Moreover, this presentation informs practitioners about topics such as the benefits and costs of leasing versus owning, and working condition fringe benefits.

Course Publication Date: July 25, 2018

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $20.00!

Author:Danny Santucci
Course No:TAX-AUTO-5048-M
Recommended CPE:2.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Taxes
  
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Learning Objectives
  • Recognize tax vehicle depreciation (§168) and expensing (§179) methods including their requirements and limitations under MACRS and recognize basis, business use, and deduction computations.
  • Specify the predominate business use rule recognizing the result of less than 50.
  • Identify items included under the standard mileage method listing items that may be separately deducted, determine the taxable fringe benefit value of an employer-provided automobile using the general and special valuation methods and specify several qualified nonpersonal use vehicles noting what reporting standards apply.

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Sponsor Number: 109423

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