A topic for you to consider for a future video. We are in our late 50s, no car payments, house will be paid off in about 2 years, wife is retired and working part time, I work full time with a good salary. Once house is paid should we put that money back into real estate in a new house, rental property, retirement funds, or ? Speaking from a tax perspective. Thanks.
With the vehicle tax deduction you mentioned the price of the car. Is there a price cap where you can no longer write off the vehicle expenses? Such as a 70-90k vehicle
To get a vehicle write-off, the vehicle has to be 6000 lbs or more. Has to be a primary work vehicle. Let's say you trade in your current vehicle, which is worth $30k. Then let's say you buy a $60k vehicle. You can write off $30k (difference between trade-in and total purchase price)
