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wj_vanitha · Mar 12, 2009, 06:14 PM

Hi,

I would like to know if I can Itemize the Auto loan payments I made last yr? I read some where that I can't Itemize the Auto loan Interest, if this is the case can I itemize the Principle alone? Can we itemize the auto insurance?

Secondly I am on H1 and consulting, I moved from NJ to MA to WA to CT all within 4 and 3 months and 2 months respectively. Can I itemize the expenses involved in this move such as flight fare, housing, car move (MA to WA to CT), car rental, food, ETC?

Please let me know
Thanks
Vanitha

ScottGem · Mar 12, 2009, 06:19 PM

The only way you can itemize car payments is if the car is used exclusively for business purposes. Then you would include it as a business expense on a schedule C

Same thing goes for the move. Since they were expenses incurred by your consulting business, they can be used to offset your consulting income.

wj_vanitha · Mar 12, 2009, 06:38 PM

Thanks Scott, So as per you if the car is used for business purpose I can itemize the car payments. Should there be any formalities to prove that car is used for business travel alone? Please note that I am on H1 visa and I consult for my company and the car is in my name.

Regards,
Vanitha

ScottGem · Mar 12, 2009, 06:44 PM

Again, You can only claim the expense against business income. You may have to keep an exact log of mileage to show that the usage was only for business.