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I have retired from farming and have rented my form for next…

I have retired from...

I have retired from farming and have rented my form for next year. I live 4 miles away from my farm but will still go there every day. I would like to buy a new pickup truck. Can I deduct it on my 2018 tax.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't think so.

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Answered in 3 minutes by:
3/25/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,656
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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You'd have to make the case, upon any audit (that's what we're talking about here), that the use of the truck is a business use - that you are using the truck in pursuit of profit.

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And, of course, will have to factor the deduction by the % used FOR business.

...

And if you're asking about section 179, where you are choosing actual cost method, (rather than mileage) and accelerating as much as 11,000 or so all into the first year, the truck must be used at east 50% for business.

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Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

...

I hope you’ll rate me based on accuracy and thoroughness, rather than any good news / bad news content

But again, let me know if you need more here,

Lane

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Customer reply replied 3 months ago
What is section 179?
Customer reply replied 3 months ago
I have to maintain the farm even tho it is rented. Mowing buffer strips and maintaining fences and so on.

Section 179 is the section of the code that lets you accelerate the depreciation portion of actual costs (when you use the actual cost method of deducting business use of vehicle) into the first year --- rather than over the IRS class life for this kind of vehicle (passenger cars and trucks) which would normally be five years.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,656
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now

Thanks much

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Customer reply replied 3 months ago
I understood that it was going to cost me $5.00 when I checked I was charged $38.00. Why?

Hi - We experts are users just as you are (although with credentials verified and tested out in our subject areas).

...

The site won't let us deal with, nor do we have access to, anything related to billing or subscriptions.

...

All I know is that I only receive a portion of whatever you've paid them, and only once you rate me positively.

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When dealing directly with my clients I bill out at $150/hr so My guess is that whatever you paid, this is still a heck of a value.

...

You can always call customer service and see what's going on.

...

I WOULD respectfully ***** ***** you let them know that you're satisfied with my answer, however.

...

Thanks,

Lane

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Lane
Lane
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