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Truck in company name?

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  • Truck in company name?

    Found someone who wants to swap trucks with me. Should I put the new truck if I go through on it. I assume the pro's to be 100% write off of gas, maintenance and insurance. The only con I can think of is commercial liability being high. My GF has a honda that we use for personal means so the only time I use my truck is for work.. but I cant write off 100% of the gas/ maintenance because its in my name and I dont have a 2nd auto... Someone please let me know if I am overlooking something or am delusional. Thanks!

  • #2
    Found someone who wants to swap trucks with me. Should I put the new truck if I go through on it. I assume the pro's to be 100% write off of gas, maintenance and insurance. The only con I can think of is commercial liability being high. My GF has a honda that we use for personal means so the only time I use my truck is for work.. but I cant write off 100% of the gas/ maintenance because its in my name and I dont have a 2nd auto... Someone please let me know if I am overlooking something or am delusional. Thanks!
    Can't say for sure, but keep all receipts and just give them to your accountant. They will know what to do wth them. I use my Motorcycle to go on sales calls all the time. I turn in all the gas, tire, oil or any other receipt I can get my hands on.

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