I've had employer provided vehicles AND had to pay tax on a portion of the value of benefit. My accountant handled most of it, so I don't know every detail. Vehicles that were business use only that I had for leaving my house and going directly to a job site and back (no personal use allowed) had no reported values on my W2's. However, when I had vehicles provided that allowed personal use, I had taxable income reported on a portion of the value. That was part of my entire comp package so no complaints. The biggest value I came to realize was the reduced wear on my personal vehicles. taking 40K miles less a year on my personal truck saved $$$$ on oil changes, tires, repairs..... Thats a huge value not realized by most.

I did a quick search on the IRS and some of it is covered under publication 463 & chapter 6. If your not taxed on it and you get some allowed personal use, you have a GREAT benefit!! To say maybe $10-12K a year or so would be a modest guess

I would think it is both

Pretty easy to come up with about $11,000 a year just spit balling it.
Plus whatever its worth not having to come up with the down payment cash and keeping it in your account drawing interest.

Down Payment = $0
Whats average car payment? $500 / month
Insurance? $100 / month
Tires? 1200/24= $50 / month
Gas? 60*4 = $240 / month
Oil? 50/3 = $17 / month
Breaks? 300/12 = $25 / month

= $932 / month
= $11,000 / year

I wouldn't claim it as income on taxes.

Depending on circumstances, you don't get a choice. The O/P I believe is not taxed on it and was curious on putting a value to it. However, when its part of a comp package and you get personal use, part or all of it will be reported on your W2

I'm not familiar with the IRS rules on using a work vehicle and filing on taxes, but as a former LE officer we drove our trucks home, but did not use for personal use.

That's still a valuable $$ saving to a working man's annual income!

I paid on average 1800-2000 dollars a year income taxes on company vehicle. We since moved to Motis which handles the base payment (fixed) and the adjustable mileage reimbursement even though the government allows 70 cents the motis system bases the mileage off of your zip code and base cost of fuel in your area. There are no taxes taken on this program. But there are requirements on the vehicle set by my company…. Age and cost f vehicle it’s mine I own it.

I vowed I would never pay my company to do their work so I purchase used quality trucks and the base payment and mileage make the purchase a wash… no complaints with the motis program. Now if you go out and buy a 75,000 dollar new truck you will be paying out of pocket on the program. Just no taxes