USA Work Truck deductions

Joined
Apr 28, 2023
Messages
1
Reaction score
0
Country
United States
Hello,

For the last 7 years I have been writing off the mileage of my truck for my business. However, I am thinking of purchasing a new truck and I am still unsure how the deductions will benefit me in the long run. I have had many people suggest writing off the truck instead of the mileage.
Can someone please explain how the latter will benefit me? Please explain it as basic as possible.
As an example: Gross $80k and $30k in deductions(not including truck)

Thank You In Advance
 

BIG E

VIP Member
Joined
Dec 19, 2020
Messages
317
Reaction score
43
Country
United States
So long as you can provide documentation of the business mileage of the truck, then you have less other records to keep to prove
business expense and keeps your basis in the asset intact, whereas by depreciating the vehicle and calculating actual costs reduces
your cost basis upon disposition of the vehicle creating possible taxable gains.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Members online

No members online now.

Forum statistics

Threads
11,756
Messages
27,803
Members
21,756
Latest member
Kangwa10

Latest Threads

Top