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Tax Question Trucking company purchase a new truck
Tax QuestionTrucking company purchase a new truck 01/01/2017 for $39,970. 2017 tax return: section 179 takes $16,000 regular depreciation taken $4,7942018 tax return: truck sold 03/16/2019 for $37,662… read more
Lev
Lev
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Bachelor's Degree Equivalent
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In 2017 my husband purchased a truck for work use, because
In 2017 my husband purchased a truck for work use, because his employer required he use a personal vehicle for business travel that was no more than 2 years old (his employer gave him $500 a month for… read more
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If business took mileage for a company truck the entire time
if business took mileage for a company truck the entire time it was owned, then traded it in for a new truck in 2018, is it necessary to show the disposition of the first truck. Depreciation was never… read more
Lev
Lev
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Traded in a truck (12/18) purchased new in 2002 for
Traded in a truck (12/18) purchased new in 2002 for $28000.We were allowed 2000 trade in toward a 2018 pickup. The traded in truck was used 50% of time yearly for farm business. I am stumped in turbo … read more
taxmanrog
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I am unclear how to fill out the section for sales price and
I am unclear how to fill out the section for sales price and gain/loss on a vehicle i stopped using for business in 2018 … read more
DK_CPA
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If during December 2018 I purchase a two-year old Pickup
If during December 2018 I purchase a two-year old Pickup Truck for $40,000 from a used car Dealer and use it 100% as "equipment" for my Construction business what is the maximum amount I can deduct on… read more
Lev
Lev
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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
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Re: Own Sch C plumbing business. Had two old trucks 2017. In
Re: Own Sch C plumbing business. Had two old trucks 2017. In prior year tax returns I simply deducted my miles that's all. I traded-in one of my old trucks and bought a slightly used 2017 Truck for a … read more
James Daloisio
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How to prepare form 8824 for vehicle purchase with a trade
how to prepare form 8824 for vehicle purchase with a trade in that is 35%business use on old truck and new truck … read more
Dr. Fiona Chen
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Trucking Company purchases a Kenwood to restore & use in
Trucking Company purchases a Kenwood to restore & use in current business. The Business is a Trucking Center. The Kenwood was purchas ed for $5500.00. The owner after purchase, decided to trade the Ke… read more
Mark Taylor
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I bought brand new ford f150 in december 2015, that car was
I bought brand new ford f150 in december 2015, that car was depreciated in 2015 and deducted from taxes for 2015, this car have 45000 miles ( im driving about 80000 a year ), its been 100% business us… read more
emc011075
emc011075
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I am involved in farming and have bought and sold some
I am involved in farming and have bought and sold some trucks. one I purchased is 60,000....there was a trade in for one that they gave me 31978 on. Do I record the sale of the one truck at 31978 and … read more
Lev
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We have 2 trucks to depreciate . Can I use bonus deprec
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PDtax
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WY sales/use tax question: A truck registered in California
WY sales/use tax question: A truck registered in California is being used temporarily in Wyoming for 6 months. Does the owner of the truck need to pay use tax in Wyoming?… read more
Megan C
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In October 2009 we are approached by a neighbor. We had Ford
In October 2009 we are approached by a neighbor. We had Ford F350 pickup. He wanted a wanted a pickup with bigger engine to pull his RV trailer around. He wanted to know if we would trade straight acr… read more
Wendy Reed
Wendy Reed
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My client has just purchased an Altima costing $16,000 for
My client has just purchased an Altima costing $16,000 for 60% business use. He traded in (i believe) his Mustang. I do not know at this point what he got on the trade in. Can my client take all the 1… read more
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I took an SUV deduction for my Schedule C Business in ...
I took an SUV deduction for my Schedule C Business in November of 2003 ( for 2003 Federal Return filed in April 2004). the deduction was for 90% of $46,000 (business % of card usage) or $41,600.I am n… read more
jgordosea
jgordosea
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Bachelor's Degree
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I purchased truck aug 2004. If I sell the truck in jan ...
I purchased truck aug 2004. If I sell the truck in jan 2007 will I have to pay back any depreciation. I used sec 179 for fast depreciation. I will be replacing truck with a new one in Jan 2007.… read more
RD
RD
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