tax deduction for new vehicle ???

[swing blade]

:confused: Hi,

I am looking at purchasing a new vehicle to use to tow my trailer for landscaping/mowing. I will be using the truck as a personal vehicle as well. I will average 25 hours a week using it for work, if that even matters. I wanted to know if i can claim it as a tax deduction, and if so how much is deductable.

Thanks,

Swing Blade

[Green in Idaho]

See IRS Publication 946 for a plethora of information on your prospective truck:

http://www.irs.gov/pub/irs-pdf/p946.pdf

[Team Gopher]

Hi Swingblade,

Here was a similar post made a while back you may find interesting.

Truck tax deduction (http://server2.lawnsite.com/showthread.php?s=&threadid=38071)

[Eddie in NC]

Swing Blade,

You need to keep detailed records of the miles/expenses of truck. The truck can be depreciated by the % of business use. To accelerate your depreciation deduction, use Sec 179. I think since this is a pick up and not subject to GVWR of 6000 lbs you may be able to expense all business use in the first year.

You need to see a CPA as the Sec 179 has other limitations and the amounts that can be taken have increased for 2003. If you don't use Sec 179, there is an additional amount of first year depreciation that can be taken in 2003 if the vehicle is purchased new.

Hope this helps!

Eddie in NC