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Agency Report of the Taxable Value of Personal Use

Agency Report of the Taxable Value of Personal Use 2025

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The document is an Agency Report from the State of New York Office of the State Comptroller, detailing the taxable value of personal use for employer-provided vehicles. It outlines the reporting requirements for each employee and vehicle assigned during a specific period, including necessary information such as vehicle details, mileage, and valuation methods for determining taxable fringe benefits based on personal use. The report includes instructions for both the Agency Vehicle Coordinator and the employee to ensure accurate reporting.

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What is the IRS rule for personal use of company vehicles?

Employers must withhold federal employment taxes (and pay their share of employment taxes). The value of the personal use of a company car can be treated as additional wages on any frequency chosen by the employer up to and including on an annual basis.

How to report personal use of company vehicle on W-2?

PUCC on W-2 form Report the value of the personal use of the company vehicle on the employees Form W-2. Include the amounts in Boxes 1, 3, and 5. Also, report the amounts you withheld in Boxes 2, 4, and 6.

How do I report sale of personal items on my taxes?

Personal items sold at a gain If you receive a Form 1099-K for a personal item sold at a gain, figure and report the gain on both: Form 8949, Sales and other Dispositions of Capital Assets. Schedule D (Form 1040), Capital Gains and Losses.

How do I record personal use of a company vehicle?

Report the value of the personal use of the company vehicle on the employees Form W-2. Include the amounts in Boxes 1, 3, and 5. Also, report the amounts you withheld in Boxes 2, 4, and 6. If you choose not to withhold federal income tax, you must still include the fair market value of the benefit in Box 1.

Is personal use of a company vehicle taxable income?

Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle (PUCC) generally results in taxable wages for the employee.

How do I report personal use of company car on W-2?

On your 2020 Form W-2, the amount of the value will be included in box 1, Wages, tips, other compensation; and box 14. To claim your expenses, complete Form 2106, Part II, Sections A and C. Enter your actual expenses on line 23 of Section C and include the entire value of the employer-provided car on line 25.

How do I claim my business use of a personal vehicle?

You may be able to deduct all or part of the purchase price of your vehicle in the first year of business use, using the Section 179 deduction. If youre a business owner, or self-employed, you can deduct your business-related car expenses using a Schedule C (Form 1040) Profit or Loss from Business.

Is personal use of company vehicle subject to FUTA?

Value of personal use of company car subject to FICA/Medicare, FUTA, FITW SITW. However, FITW and SITW need not be withheld on that value if the employee is so notified by January 31 or within 30 days of the vehicle being provided by the employer.

Agency Report of the Taxable Value of Personal Use 2025

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What is the IRS rule for personal use of company vehicles?

How to report personal use of company vehicle on W-2?

How do I report sale of personal items on my taxes?

How do I record personal use of a company vehicle?

Is personal use of a company vehicle taxable income?

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How do I report personal use of company car on W-2?

How do I claim my business use of a personal vehicle?

Is personal use of company vehicle subject to FUTA?

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Agency Report of the Taxable Value of Personal Use 2025

Here's how it works

The easiest way to modify Agency Report of the Taxable Value of Personal Use in PDF format online

Complete this form in 5 minutes or less

Got questions?

What is the IRS rule for personal use of company vehicles?

How to report personal use of company vehicle on W-2?

How do I report sale of personal items on my taxes?

How do I record personal use of a company vehicle?

Is personal use of a company vehicle taxable income?

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People also ask

How do I report personal use of company car on W-2?

How do I claim my business use of a personal vehicle?

Is personal use of company vehicle subject to FUTA?

Related links

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