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Old 03-20-2009, 09:16 AM
HAS0586 HAS0586 is offline
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Deducting gasoline used for equipment

How do I deduct gasoline used for my equipment? I do not see anywhere were I might put it on my 1040 form. Any help appreciated!
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Old 03-20-2009, 09:36 AM
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razor1 razor1 is offline
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Do you have an actual business or are you just working on the side?
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Old 03-20-2009, 10:06 AM
Proc's Lawncare Proc's Lawncare is offline
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Ya if your a licensed business you will need to file long form and take your deductions, we've used turbo tax and "edited in" the fuel cost expense... Very easy to do, hope this helps!
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Old 03-20-2009, 02:04 PM
Drew Gemma Drew Gemma is offline
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you can also braek that down and also get a credit for all gas used off road.
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Old 03-20-2009, 03:41 PM
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Fvstringpicker Fvstringpicker is online now
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On schedule C, just list it as a separate item under "Other expenses" in part V and carry the amount over, with other "other expenses" to line 27.
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Old 03-20-2009, 04:25 PM
HAS0586 HAS0586 is offline
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Quote:
Do you have an actual business or are you just working on the side?
I was doing it part-time last year but am now going full time. But I was registered with the county and have my DBA and EIN.

Quote:
On schedule C, just list it as a separate item under "Other expenses" in part V and carry the amount over, with other "other expenses" to line 27.
I thought that would be the way but wanted to make sure.

Quote:
you can also braek that down and also get a credit for all gas used off road.
I have heard about the credit. Can I deduct the cost of the fuel and get the credit at the same time?

Appreciate the help guys!

- Hunter
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Old 03-20-2009, 04:41 PM
dougaustreim dougaustreim is offline
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You get both the deduction and the credit for the federal tax paid for off road use, but that credit will be considered income for this next year.
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Old 03-21-2009, 09:35 AM
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bohiaa bohiaa is offline
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It's hard to tell if your "OFF RAOD" or not, the fuel in your Equipment, is 100%
or get AG fuel
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Old 03-22-2009, 11:33 AM
LB1234 LB1234 is offline
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Not that this helps much but were I fill up and place diesel in the machines (the ones we rent so I don't do it often) they ask if its for off road use. I look at him and say that I don't plan on tacking the mini-x on the highway today. They apparently take some of the tax off the bill..or rather don't charge it.
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