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jasonw
07-23-2009, 02:37 PM
Well maybe its at the federal level I don't know but anyway I live in California if that matters. I was wandering sence my truck will be used for business as well can I claim half the cost as a business expense? Its my understanding sence it will be for personal use as well that I can not claim the gas or maintenance but I "had" to buy it for business as well so it seems I should be able to take advantage of some sort of tax write off at the end of the year.

Steve
07-23-2009, 03:18 PM
Is it registered under your name or your business name? I think that plays a big part.

Ultimately I would ask an accountant. Does anyone else have any thoughts on this?

Little's
07-23-2009, 06:15 PM
It doesnt matter if it is in your name or business. The way it works (Im not an accountant, but this is how H&R Blocks does it for me). You can claim .40 (cents) per mile as a deduction. If you use the truck 75% for your business, then it is based off of 75% of how many miles you used it. Also the cost of your truck can be deducted over a 5 year span. Maybe this helps.

jasonw
07-23-2009, 06:46 PM
That helps a lot thank you. So the entire cost of the truck can be deducted of 5 years? I wander if they will deduct this just in one year sence its less than 3k.

Little's
07-24-2009, 12:00 AM
My stepdad just bought a new Tundra and was able to deduct the cost over a 5 year span. I dont know how it works with used vehicles,