Replies

1. 
   marv | Sep 26, 2003 08:49pm | #1

   Dave:

   This deduction comes under Sec. 179 depreciation.  Where you can write off up to $40,000 of equipment purchased in 2003.  If your truck weighs over 6000 lbs it falls into this category.

   If you buy a truck that is over 6,000 lbs, and costs $39,000 - you can write the whole thing off on your taxes this year.  But be careful, you may want to save some of your depreciation for future years.

   Also, if you sell your vehicle, you pay tax on your profit.  In this case, if you wrote off the whole truck and sold it in 2004 for $25,000, the whole amount would be taxable.

   "Now here at the Rock we have two rules.  Memorize them until you can say them in your sleep. Rule number one: obey all rules.  Rule number two: no writing on the walls."   Barney Fife

   Marv