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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
    Male, from Mt. Pleasant Ia.
    Messages: 362

    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
    Messages: 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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