Truck Taxes
01-14-2004, 12:58 PM
#2
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Yes. Basically anything over 6000gvw that is bought by a company can be written off 100% this year with no depreciation. However, there is a limit of $100,000. This does not just apply to trucks but also equipment that normally would have been depreciated. I am not sure of the dollar amount where items have to be depreciated but I think it is $10,000. I was planning on trading in one of my trucks in the spring for a new one and my accountant told me to do it before the first of the year because the laws may change this year.
01-14-2004, 01:24 PM
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ok here is what it is.. i have a truck that i bought this year and is over 6k.. but bought in Feb03 and i'm a 1099 person.. does that work and does it have to be a new truck??
01-14-2004, 03:42 PM
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I don't think it matters if its new or not. Being a 1099 person should not matter as long as you are listed as a business and have other deductions. I am assuming that your self employed?However, I would talk to a n accountant for details
