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Non-Cattle Specific Topics
Every Thing Else Board
Writing off a "Farm Truck?"
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<blockquote data-quote="jt" data-source="post: 291197" data-attributes="member: 238"><p>get yourself a good tax person. the most you can write off is 100%. </p><p></p><p>imo, leasing is a bad deal too. check into it before you jump on it. in some cases the lease payments are subject to sales tax. also, the income/expense all goes ultimately to you, so why complicate things. the income on the example given will be more than 50 a month. the full rental amount is income. and you offset it with the interest/depreciation which can be more or less than the rental amount, but will ultimately be phased out as the vehicle ages. can get complicated.. get with your tax person.</p><p></p><p>also if you incorporate, technically the vehicle is not yours for personal use anymore. it belongs to the corp and if you use it for personal use, you could be required to pick up some extra income on your w2 for the value of that personal use.</p><p></p><p>for a small scale, mileage is by far the easiest and cleanest. just keep good records.</p><p></p><p>jmo</p><p></p><p>jt</p></blockquote><p></p>
[QUOTE="jt, post: 291197, member: 238"] get yourself a good tax person. the most you can write off is 100%. imo, leasing is a bad deal too. check into it before you jump on it. in some cases the lease payments are subject to sales tax. also, the income/expense all goes ultimately to you, so why complicate things. the income on the example given will be more than 50 a month. the full rental amount is income. and you offset it with the interest/depreciation which can be more or less than the rental amount, but will ultimately be phased out as the vehicle ages. can get complicated.. get with your tax person. also if you incorporate, technically the vehicle is not yours for personal use anymore. it belongs to the corp and if you use it for personal use, you could be required to pick up some extra income on your w2 for the value of that personal use. for a small scale, mileage is by far the easiest and cleanest. just keep good records. jmo jt [/QUOTE]
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Writing off a "Farm Truck?"
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