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Truck Drive purchased his rig for 33,500 in 2016 and has
Good Afternoon.Truck Drive purchased his rig for 33,500 in 2016 and has depreciated the full amount when first in use year. Year later the rig was stolen. A claim was done with insurance and he took t… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a new client with rental income. No depreciation was
Hi, I have a new client with rental income. No depreciation was taken on 2017 tax return and prior years. her property was bought in 1995 and was placed in service for rental since then. I did depreci… read more
James Daloisio
James Daloisio
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Doctoral Degree
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On a box truck purchased in the tax year can you take both
What are the assets here? Are they current or long-term assets?Customer: Box truck used for hauling… read more
James Daloisio
James Daloisio
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Under what depreciation I can deduct purchase of truck
Under what depreciation I can deduct purchase of truck (business) 179 or bonus or what? 2017 tax year… read more
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Not sure. I am curious about a used truck purchase for the
Not sure. I am curious about a used truck purchase for the business and under schedule c... the truck is used and over 6k GVW … read more
Lev
Lev
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My friend has a truck tractor which he uses 100% for
My friend has a truck tractor which he uses 100% for business. It is being leased with an option to purchase at the end of lease term for $1. Should he claim the whole lease or claim depreciation on h… read more
Dr. Fiona Chen
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I purcashed a truck in Nov of 2017. Should I start using the
Hi there. I purcashed a truck in Nov of 2017. Should I start using the deduction for 2018 year and so on....? … read more
Lane
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Doctoral Degree
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I just finished a tax for a truck driver and a I wanna make
hi..I just finished a tax for a truck driver and a I wanna make sure I did it correctly.I have been asking this a few times now but I am still a little bit confused.When I jump for depreciation this i… read more
emc011075
emc011075
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Bachelor's Degree
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I purchased a semi-truck in Dec 2017. Found out it needed
Hi, I purchased a semi-truck in Dec 2017. Found out it needed lots of repairs. Gave up and sold it at a loss in 2018. Can I take the full deduction or does this go under depreciation. I have another s… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,079 satisfied customers
I have many new tax questions for you. Hopefully you have
Hello again! I have many new tax questions for you. Hopefully you have time for these.1. If I had a business in 2016 & 2017 and then just stopped working at the end of 2017, what happens to the deprec… read more
James Daloisio
James Daloisio
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Can I take depreciation in the year I started my furniture
Can I take depreciation in the year I started my furniture making business if I do not have a profit? … read more
Carter McBride
Carter McBride
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My business partner has started a trucking company three
My business partner has started a trucking company three years ago. He has mortgaged trucks from the bank to operate the business. Shipping rates made it hard for him to stay in black for two years. I… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,017 satisfied customers
I need advice on something my father proposed, My father is
My father is a truck driver (owner/operator) who has failed to do his taxes for a few years now and currently has a tax lien on him for roughly $12,000. I am a full time student with a lack of income. Addressing his tax situation is my fathers #1 priority but he wants to lower his taxable income regardless. He plans to retire to his ranch in Mexico in the next 3 to 5 years, but wants to leave my younger brother and I some money before he goes. So he proposed a plan: He claims that if we simply transfer the ownership of his semi truck and trailer to my name and he files some paperwork with the company he works under currently, his paychecks will be made out to me instead. I would then open a business bank account for those paychecks and pay my father as a 1099 employee $2000 a month. He currently grosses about $10,000 a month before expenses and nets about 4 to 5 thousand after fuel, truck maintenance, repairs, etc. This proposition would provide my brother and I with a good amount of money in the bank over time and, more importantly, an income on paper that would allow us to get approved for a better rental property, improve our credit, or even one day be able to buy a home of our own. My concern is that my father is oversimplifying this process or maybe he might be misinformed and its not even possible at all. If it is possible I need to know how it would effect me and what I would need to do to make it happen. How would I go about doing my own taxes? Are there any negative consequences that can arise from doing this? Any advice, insight, or opinions will be greatly appreciated. Thanks! … read more
Lane
Lane
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Doctoral Degree
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I love I. The US and I run a small one person self employed/paid
I love I. The US and I run a small one person self employed/paid business of one truck and its driver. Me. I'm interested in borrowing money for capital and equipment, but Im. considering the extra mo… read more
Richard
Richard
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Doctoral Degree
4,937 satisfied customers
I am a truck driver and drove someone else truck during 2014.
I am a truck driver and drove someone else truck during 2014. I also purchased my own truck and was doing repairs to it getting it ready for the road. Can I capitalize and depreciate that truck and if… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,079 satisfied customers
If a client owns a trucking company and made about $400k ,
If a client owns a trucking company and made about $400k , what is the best way to bring down his deductions for earned profit? Is it only cost of goods to bring him under $250 K? If so what is the di… read more
CGCPA
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Tax experts (preferrably Jrqcpa)- I have a tax for a client
Tax experts (preferrably Jrqcpa)- I have a tax for a client for 2yrs (2010 and 2011). Its a 1120 tax but Im trying to figure his depreciation for a truck? Truck is (13k I rhink but if not is it a big … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,564 satisfied customers
Hi there... In 2006 my husband started a transport business.
Hi there... In 2006 my husband started a transport business. Due to large repair bills to the truck and the engine blowing up in late 2008, the expenses were more than the income due to the truck bein… read more
Merlo
Merlo
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