Tax write off?

[CentennialVert]

I'm looking into leasing a new truck through my Dad's company that would be a work and personal vehicle. I am told that you can write off a truck to a certain extent as a General Contractor, I just don't understand the details, and nobody can seem to give me a clear answer...so I'm coming to the experts.

What I want to know is how much can be written off. Say the truck is worth 35k, and my lease payment is around 400/month...is the write off based off the total value of the truck, or monthly payment, or interest paid?

 

[ROCMAN]

You are able to usually write off the entire lease payment. You can also write off a purchase, but it is based off of depreciation and percentage of business use, so only a portion of it is written off. I have never done the lease thing, I am only going by what was told to me. Just talk to your accountant.

 

[s_x_i]

at 48 cents a mile, I'm better off writing off mileage.

If you don't drive it much you can write of the purchase/depreciation, but if you drive a lot you're better off writing off the miles.

 

[CentennialVert]

Either of those would work, actually. I usually drive 1500-2000 miles a month so 48 cents a mile would be crazy. I have to get my Dad to actually sit down and let me show him the benefit to putting the truck in the company's name, so we'll see how it goes.

 

[Cobrasvt43]

...so I'm coming to the experts.

one would think that for something as important as this, an individual would actually consult a professional.. not a few professionals surrounded by a bunch of heresay? Call your accountant.. or better yet your father's accountant. He will know what will most benefit you guys.

 

[Dusten]

My accountant wife says this

it is rated by the type of vehicle, the length of bed (don't laugh beds much be at least 8 feet), the percentage it is used for work, and the category it falls under.

 

[CentennialVert]

My accountant wife says this

That would be the clincher right there...if that is the case then I'm shit out of luck. I don't need a long bed, and I don't want that long of a truck...but if thats what I have to do to get a writeoff, then I might.