How do you claim your truck?

Discussion in 'Business Operations' started by VO Landscape Design, Jul 31, 2007.

  1. VO Landscape Design

    VO Landscape Design LawnSite Senior Member
    Posts: 358

    How long do you take to depreciate the value out? Probable depends on the truck. I have heard of some people depreciating it all out in 1 year (he puts a lot of miles on his truck), others take 3 or more. In you experience what has worked best for you and why did you choose that method? I will be taking to my tax man soon about this, thought I would get some practical ideas first.
     
  2. PlatinumLandCon

    PlatinumLandCon LawnSite Bronze Member
    Posts: 1,315

    It depends on the rates in your area. In Ontario, Canada, its 30% per year on trucks & heavy equipment. The benefit of having a company vehicle (ESPECIALLY a diesel) is within 5 years the truck has no "legal tax value" but it still has "real-world value" (i.e its worth nothing on the books but if you were to sell it, you'd get decent coin).
     

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