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Can I write off the cost of a vehicle as a contract pilot?


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The BIDaWIZ Team's Answer:

It depends on how exactly the vehicle is used. You may be able to treat the cost of the vehicle as a Section 179 deduction, but there are limits depending on the type of car. Also, with regards to maintenance, if the vehicle business use percentage is 100%, then you may deduct the vehicle depreciation, and your actual expenses, for fuel, repairs, insurance, etc. If the business use percentage is less than 100%, the aforesaid deductions are limited, to the business use percentage.

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