View Full Version : Buying a Work Truck
03-31-2010, 06:35 PM
When you buy a work truck; what portion can be taken off for tax purposes? What do you need to present at tax time? Thanks
04-01-2010, 11:50 PM
If you lease, you can write off the lease from your income. If you purchase, this varies, but generally setting an amount per mile driven is one way to do it. I own my vehicle outright, and keep track of business mileage. This way I can get an estimate for fuel and maintenance costs. With trailer it's $0.75/mile, without it's 0.60/mile. Total weekly route for me last summer was less than 50 miles. I'm not sure what your options would be if you were to finance, you'd have to check into that as I know it can vary, depending on the length of the loan, etc.
For the tax man, I put my 'work' mileage together and copy it directly to the computer for a digital format, then I can save and print out additional copies should they request to see it. They've never asked in nearly in a decade to see any of my paperwork.
04-02-2010, 07:42 AM
If you have a personal truck already your next work truck can be taken off completly i belive or you can take miles off which ever one is more. You have to have a personal though.
04-03-2010, 01:29 PM
Thanks for the replies guys.
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