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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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i was an owner operator truck driver in 07, in dec 07 truck ...

Customer Question

i was an owner operator truck driver in 07, in dec 07 truck was placed out of service, I am unable to repair. i filed an extension for 07. I am wondering if I can write this off on scedule C. and would it be for the value of the truck when I took it out of service?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. What year was the truck place in service? Was there any depreciation on the truck?
Customer: replied 8 years ago.
Reply to Marvin,EA's Post: it was placed in service 2001 and yes depreation was used
Expert:  Marvin,EA replied 8 years ago.
If it was place in service on 2001 was deprecation used for the next 5 years? How much did the truck cost? You might have depreciated the full cost of the truck.
Marvin,EA and 2 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
Reply to Marvin,EA's Post: the truck was leased purchased new in 01, for $98,000 ( $473.27 a week for 5 yrs) here are the deprecations for the yrs
$7,760 for 06
$17,670 for 05
$11,165 for 04
$9,685 in 03
$9,185 in 02
$27,556 in 01 had a diffrent truck also in this year that was traded in for one in question.
so if i depreciated the value of truck already, i cannot write it off right? and if i could can i just put it on part V of sced. C other expenses? but i think i understand now, since I already depreciated it so much, its just my loss right?
Expert:  Marvin,EA replied 8 years ago.
If you depreciated the truck completely from 2001 to 2006 , the truck cost have been deducted. You cannot write the cost of the truck off twice.