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Tax deduction uber eats?
I am planning in buying an electric bike to start doing uber eats delivery for around $1500 - $2000 I don't know about deductions. Would it be using that total amount to deduct from the taxes I owe? Or just a percentage of that total to deduct from it?
5 Answers
- A HunchLv 74 months agoFavorite Answer
You would be required to use the bike exclusively for uber eats for it to be a deduction.
If you use it this way, you would determine the life span of the bike, probably a 5 years like a car, and depreciate it as a capital expense over it's lifespan.
- SlickterpLv 74 months ago
Deductions do not come off of the taxes you owe, they reduce your income. So just a percentage comes off the taxes, figure maybe 25%
- 4 months ago
If you use the bike exclusively for deliveries, you can depreciate it over 5 years. The depreciation is against income.
If you use the bike for any personal use, then there is no depreciation allowed, but you may be able to convince the IRS to allow you to deduct part of the electricity expense.
- StephenWeinsteinLv 74 months ago
No, and no, not that either. It is deducted from the income. It is not deducted from the tax, not all of it, and not a percentage.
- Anonymous4 months ago
Their website has an extensive section on that. If you could only do a google search and could read.
