/biz/ bros how do I write off my flatbed truck on my taxes? Can I deduct the cost of purchasing it and insuring it or only the cost of purchasing it?
>>61829484What am I, your fuckin accountant?
>>61829484I know someone who did this. got pulled over and his truck impounded.>non-commerical signage>not proper lighting>no inspection sheetit was the start of him losing his business and going bankruptkek
i get all my tax advice from /biz/
You have an LLC right? You should have bought it through the LLC then it would be an expense which gets deducted from income thus reducing taxes. But no you can't just write it off from you personal taxes.
>buy through LLC>take bonus depreciation for the cost>profitT.CPA
>>61829484Insurance costs are priced in with the standard mileage deduction, or you can itemize the expenses if you want. For the purchase price you'd deduct it on your form 4562 in section 179 + line 14 bonus depreciation. Read the IRS publications very closely because there are a lot of rules on the limits; you may or may not be able to expense the entire purchase in one go depending on use case, weight etc.
Also I'll mention this only applies if you are running a business with it. You are SOL if you just bought a flatbed just because you could
