Can I take full IRS deduction?

[liz417]

Hi All,

I was going over my numbers for my ch 13 and noticed that the IRS standard and my actual expenses for my two vehicles differ:
IRS:
Ownership = $ 978/m
Operating Costs = $ 522/m

I will be using a total of $ 1,130/m, which leaves a difference of -370.

Q: Can I subtract the whole $1500 even though I don't use that much?

Thanks All!

[lrprn]

Q: Can I subtract the whole $1500 even though I don't use that much?

In our Ch 13, as I recall our lawyer used the required IRS figures on the Means Test and then used our actual car expenses on Schedule J. Check with your lawyer to see if this is how things are done in your local court.

[liz417]

Bump

[BnkrptcyLwyr]

Hi All,

I was going over my numbers for my ch 13 and noticed that the IRS standard and my actual expenses for my two vehicles differ:
IRS:
Ownership = $ 978/m
Operating Costs = $ 522/m

I will be using a total of $ 1,130/m, which leaves a difference of -370.

Q: Can I subtract the whole $1500 even though I don't use that much?

Thanks All!

The answer is - it depends on what circuit, district, and judge you have.

Check out this blog entry here ... http://www.newyorkbankruptcylitigati...tual-expenses/

I will tell you that I think that you can based on a plain reading of the law, but whether you'll be successful arguing it in front of your judge is very much up in the air.