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.

 

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

 

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

 

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.

 

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

 

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:

 

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

 

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