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Article Date:
April 2007

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Car Deduction

When I started in business in 2003, I bought a 2000 Volvo S-40 for $18,900. I drove the Volvo a total of 36,451 miles. Of that, I drove 7,320 business miles in 2003, 11,553 business miles in 2004, 9,793 business miles in 2005, and 5,233 business miles in 2006. I sold this vehicle for $5,700 in 2006. I used IRS mileage rates to claim my business auto deductions. What is my gain or loss? (T.P., San Anselmo, CA)


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