Buying a Work Truck

Discussion in 'Trucks and Trailers' started by Culleng, Mar 31, 2010.

  1. Culleng

    Culleng LawnSite Member
    Posts: 4

    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
     
  2. 360ci

    360ci LawnSite Senior Member
    Posts: 992

    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.
     
  3. cutbetterthanyou

    cutbetterthanyou LawnSite Bronze Member
    Posts: 1,178

    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.
     
  4. Culleng

    Culleng LawnSite Member
    Posts: 4

    Thanks for the replies guys.
     

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