View Full Version : 2001 Dodge 3500 4X4 V-10
11-13-2001, 08:10 PM
Looking to buy a new truck for next season. Found that ram for $24,000 at like 2.9%. Now, at this moment I'm a General Partnership, but tring to get my Tax ID stuff. Right now I'm 17 and want to be completely ligitament by Dec. I am ligit as far as my city has told me since being a minor. Once I get my stuff (ie tax id stuff) how do I write off my truck and other equipment? How much can I write off at what time? Help I don't know how, please I need help.
11-13-2001, 08:25 PM
Most all my work is up in Lake county. Small world! I would consult an accountant. Really, for me all the stuff is pretty complex, and it take some time to learn the routine. If you go with an accountant for a couple years, you can learn to do the stuff yourself if you wish.
Not questioning your decision on the truck, I would love a dodge cummins, but that new truck is gonna drink some gas. I would be afraid of scratching the new beast up, but that is just me. I hate going into debt myself. Hope you the best.
11-13-2001, 08:33 PM
Summit, Im also your age and purchased a new truck last year. Defintly talk to your accountant. There are many tax laws and regulations that differ state to state!
11-13-2001, 08:43 PM
It sounds like you are really excited to get out there and make some good money but for being only 17 and buying a brand new v-10 dodge would break ya, you want to keep the overhead down. I would go with like a five or so year old diesel work truck that you wont get mad if you scatch it!! Plus, have as cheap.
11-13-2001, 08:51 PM
the v10 is gonna eat you up on fuel, i've owned 3 dodge diesels and for the most part i have been very happy with them, there brakes, or lack of them has been my biggest gripe. but the milage is great and they have plenty of pulling power. i'm looking for a beater myself early 90's with 150k or less miles to replace my gas hog ford.
11-13-2001, 09:02 PM
When I was 17 I had bought myself a brand new 2001 Ford
F-350 with the power stroke diesel...best 37,000 I ever spent. The best thing to do is wait till your 18 (like me ) and get a special lone from a bank usually a bank will help you with a loan over 35,000+ get a loan for 45,000 get a truck,trailer, and a various mowers and equipment. Make sure you have a well built up clients before you do this. Then you wont have such overhead when all this equipment is tied into one payment.
11-13-2001, 09:32 PM
I'm one of the biggest res. LCO's in my area. I have all the toys except I do and will not run ZTR's. I have a 2000 Ranger trailhead w/ a 4:10 rear axle. W/ my special packages it can out pull a F-150 w/ a 4.2. Problem is the truck is cramped, and I have very little bed space. I have many ways on trucks I can go... dump, flatbed, Isuzu, or 3/4 to 1 ton pickups. I can afford any of these options. I just wondered how to write these off? What form? How much is deductable? When? I honestly don't want a 4X4 V-10. It just has a good price. To plow snow I'm buying a beater. I want a good sized V-8 (ie. 350) or a diesel. SO thanks, but can you help me w/ the tax side.
11-13-2001, 09:42 PM
There are alot of resources on the web, but putting the whole picture together is the hard part, it is not all that easy to keep everything straight. Think about the accountant!
If your looking to just write it off, LEASE. If your looking to save money, pay CASH. Overhead sucks and so do loans. Leasing, well, its never really yours. You have to determine how long a life your going to give it. If you made lots and lots a green this year, pay cash and give it a 5 yr life and S/L depreciation. Talk to your accountant and get his advice. He will likely tell you to lease, BUT who wants to pay $34,000 for a $24,000 truck that isn't yours when the lease is up?
11-13-2001, 11:15 PM
If I lease how much can I write off at the end of the year? How much in insurance?
11-14-2001, 04:46 PM
this should be your first order of biz, they can answer all you questions on depreciation/rate/time your income will need to be up there also, for several years my accountant wanted me to strictly do milage. don't remember the % and i'm not diggin all that junk out for something you need to do anyway, so you can get the info straight from the horses mouth.
best of luck, keith
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