Tax preparer says I can write off $90/night motel per diem!?
#21
09-17-2008, 07:15 PM
Originally Posted by Rev.Vassago
FIRE THIS TAX PREPARER. You can only depreciate a vehicle for what you paid for it. You can not write off "vehicle usage" on a CMV. If you do so, then you cannot claim other expenses for that vehicle (like fuel, repairs, etc.). That would be double dipping, and would get you in a boatload of trouble. A truck gets depreciated, plain and simple.
This person sounds like she has no clue as to how a trucking business works. :lol: 
#22
09-17-2008, 07:19 PM
Originally Posted by Rev.Vassago
Of course, but for those years that you are depreciating, you have the ability to pay minimal taxes. Once that depreciation is complete, however, the gravy train has left the building.
Rev; sees no other alternative than to buy a brand new truck every 3 years, and throw the old one away. :wink: :shock:
#23
09-17-2008, 07:24 PM
Originally Posted by lowrange
Originally Posted by Rev.Vassago
Of course, but for those years that you are depreciating, you have the ability to pay minimal taxes. Once that depreciation is complete, however, the gravy train has left the building.
Rev; sees no other alternative than to buy a brand new truck every 3 years, and throw the old one away. :wink: :shock:
#24
09-17-2008, 07:29 PM
Originally Posted by Rev.Vassago
Better yet, I'll form an S-corp, sell the truck to myself for $1, then give it to a charitable organization every 3 years. Then I can double dip on the writeoff! oooo
#25
09-17-2008, 07:37 PM
Originally Posted by lowrange
Originally Posted by Rev.Vassago
Better yet, I'll form an S-corp, sell the truck to myself for $1, then give it to a charitable organization every 3 years. Then I can double dip on the writeoff! oooo
#26
09-17-2008, 07:44 PM
Originally Posted by Rev.Vassago
Originally Posted by lowrange
Originally Posted by Rev.Vassago
Better yet, I'll form an S-corp, sell the truck to myself for $1, then give it to a charitable organization every 3 years. Then I can double dip on the writeoff! oooo $5000. Capital gain of $5000 on a fully depreciated truck. There's going to be some capital gain, right? Even the scrap yard would give you something. Beauty is in the eye of the beholder and some guy would be so happy to buy it for $5000 he'd sell you, I don't know, a cottage on a lake for a bargain price!
#27
09-17-2008, 07:48 PM
I gotcha. That would work too, except that property values suck right now. I'd want at least a penthouse apartment in NYC in trade for my truck. 8)
#28
09-17-2008, 07:51 PM
One last one, Rev? I don't want to give this chick too long of a leash.
She says I can only write off half of that $52/day per diem. I thought it was more than that (2007). Which is it?
#29
09-17-2008, 08:03 PM
Originally Posted by lowrange
One last one, Rev? I don't want to give this chick too long of a leash.
She says I can only write off half of that $52/day per diem. I thought it was more than that (2007). Which is it?
#30
09-17-2008, 08:16 PM
Of course, but for those years that you are depreciating, you have the ability to pay minimal taxes. Once that depreciation is complete, however, the gravy train has left the building.
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