If you own a car free and clear can you take the ownership expense?
Date: Thu, 06/18/2009 - 14:16
As per the bankruptcy court rulings, you can deduct the applicab
As per the bankruptcy court rulings, you can deduct the applicable monthly expense amounts as specified under the National and Local standards, and your actual monthly expense as specified under necessary expenses by the IRS. So you can claim the ownership expense on your car that you own free and clear.
Thanks
I wasn't sure as this was a gray area when I look it up online. Good news- so I can deduct operating expenses of $203 and Car ownership expense of $468(appox).
I appreciate your help!
Wouldnt everybody be able to deduct these expenses regardless of
Wouldnt everybody be able to deduct these expenses regardless of owning the car free and clear? Everyone needs to put gas in the vehicle, license and tab it, plus maintain it....these are all legit deductions when filing bankruptcy.
