I'd say if he's an employee - non compensated expenses ARE deductible - but to be safe, he'd have to log the time he uses the atv on the job.
The only part that would be deductible is the part he uses on the job. Call it a 5 year depreciation and figure out what each day of use costs.
Similar to nonreimbursed car expenses. The IRS allows $.xx per mile driven - NOT the cost of the car.
I think the government's going to raise an eyebrow if he tries to say the atv is 100% for work only. Corporations typically don't have their employees buy expensive assets FOR them. That might even raise some IRS eyebrows against his employer.
Something tells me said ATV is probably not stored permanently onsite at the job location either.
The people at the IRS are no differnt than us - and WE all think the same thing - it's more about having an atv for fun than having an atv for work. He COULD use a bicycle.
So I say just deduct the work related part. I think that would slide under the IRS radar with no problem, and it would be the honest thing to do.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
