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  #11  
Old 10-17-2010, 08:23 PM
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Quote:
Originally Posted by tracer View Post
that's a serious problem by the way. my truck is pretty much written off - i've used all the depreciation since i bought it in 2007 and i'm making 2 last payments in november. time to jump for joy or tear my hair out because my 2010 tax bill is going to be astronomical?
I know it can be a problem.Once my truck was paid for I just stopped working so hard.I now just run 1800-2000 miles a week.Less tax at the end of the year.
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  #12  
Old 10-17-2010, 10:00 PM
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I'm in the same boat..... I bought my truck in 2004 for cash and took my depreciation already. I have owed around $10,000 the last few years but this year is going to be BAD. I cleared $255k already this year. I'm seriously thinking about getting a brand new truck just so i don't have to spend $20k for nothing, I can put it as the down-payment
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  #13  
Old 10-17-2010, 10:02 PM
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also Tracer..... is this guy willing to take over your payments from the finance company, freeing you from it or is he wanting to lease it from YOU????

I personally would sell it to him or let him take over the burden, but no way in hell would I lease it to him.

And get rid of that damn car!!!

I sold my 2005 Ram 2500 and saved me $650 a month. I got a 1990 Olds Delta 88 that I bought back in 2000 for $800 and it's still running strong. Too bad they don't make cars like that anymore
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  #14  
Old 10-18-2010, 12:46 AM
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Location: Ottawa Valley Ontario, Canada
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Quote:
Originally Posted by tracer View Post
that's a serious problem by the way. my truck is pretty much written off - i've used all the depreciation since i bought it in 2007 and i'm making 2 last payments in november. time to jump for joy or tear my hair out because my 2010 tax bill is going to be astronomical?
If you are selling your trailer anyway, maybe you should get a loan and buy a trailer then you can write off some of it.
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  #15  
Old 10-18-2010, 02:02 AM
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Quote:
Originally Posted by Steel Horse Cowboy View Post
I'm in the same boat..... I bought my truck in 2004 for cash and took my depreciation already. I have owed around $10,000 the last few years but this year is going to be BAD. I cleared $255k already this year. I'm seriously thinking about getting a brand new truck just so i don't have to spend $20k for nothing, I can put it as the down-payment
Here's a tip that might be worth looking into: if you have extra cash, use it as downpayment on a house and then rent it out (hire a management company to do all the work). In Canada you're allowed to use 5% of the house price as depreciation against your primary income, since you're self-employed, and this rental house is used for BUSINESS. It's not much - 10 grand from a 200k house a year, but it's something. I"m pretty sure your rules in US are similar for rental properties. I would do it too but I have to make some money first
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  #16  
Old 10-18-2010, 02:09 AM
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That can be a possibility. Here in Canada I can write off 30% of the cost of the trailer every year. I could get one of those ultra-light Fontaine Revolution steps with the wicked floor
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  #17  
Old 10-18-2010, 04:58 AM
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Quote:
Originally Posted by tracer View Post
That can be a possibility. Here in Canada I can write off 30% of the cost of the trailer every year. I could get one of those ultra-light Fontaine Revolution steps with the wicked floor
Damn you love spending money :lol:
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  #18  
Old 10-18-2010, 06:05 PM
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Originally Posted by jagerbomber3.0 View Post
Damn you love spending money :lol:
as one guy said, "either you drive a new truck and make payments to the financial company, or you drive an old truck and pay taxes to the government." same with trailers ...
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  #19  
Old 10-18-2010, 11:38 PM
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Quote:
Originally Posted by tracer View Post
as one guy said, "either you drive a new truck and make payments to the financial company, or you drive an old truck and pay taxes to the government." same with trailers ...
I couldn't agree more...... most guys on here don't believe that tho, but then again, they mostly pull van for companies and make .93cpm

That's my delima..... 20k as a downpayment or give it to Uncle Sam in April. Then again, I'm sure Uncle Jagerbomber3.0 would take it too
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  #20  
Old 10-25-2010, 10:08 PM
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Originally Posted by Steel Horse Cowboy View Post
I couldn't agree more...... most guys on here don't believe that tho, but then again, they mostly pull van for companies and make .93cpm

That's my delima..... 20k as a downpayment or give it to Uncle Sam in April. Then again, I'm sure Uncle Jagerbomber3.0 would take it too
The deed is done. I came from the trip and dropped the trailer at Aero-Kit in Burlington, ON. The next time I'll hook up to that trailer it'll be 2,500 lbs lighter, have no walls, no ceiling and no headboard
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