Truck Depreciation
 

Sorry to bother all you guys (and gals) but I have a question and thought you guys could point me towards the fascinating tax publication I have to read to get the answer for it.

Up until 2008 we where leasing our truck. In 2008 we started the buy out option on the lease and we did the buy out all but the last payment in 2008. Now I want to depreciate the truck as much as I can for the 2008 tax season.

Of course the instructions for IRS forum 4562 does not really go into types of depreciation or if I can just expense it under section 179.. called the IRS to try to figure this out.... but they "disconnected" me after I was on hold for 15 minutes after I asked my question and the dude was trying to figure out the answer. However the IRS people on average only know what they are talking about when you call in about 40% of the time with specific questions (so I am a real pain to them)

My actual question to them was

"does the truck qualify for the section 179. Because we placed it in our service in 2003, However from '03 to the beginning of '08 it was a lease and we did not buy it till '08, so does it qualify for 179 because that section if for things purchased in the current tax year."

Yes I know it would be easier for me just to get a trucking accountant but they usually do not know anything about farming and since we do both plus some in out business taxes are always fun for me.... I have nightmares about them from Jan to March.

So my question to you all is what do I read to figure out how to depreciate the most I can of the truck for the 2008 tax year?

Sorry this was so long I just tend to babble sometimes... but only online never in RL hehehe

Deborah

Hi Deborah,

I sent you a PM regarding your questions.

If I had a question that involved 179 depreciation on equipment..... The last place in the world I would go, is an internet message board on the www to ask a tax question ..... If it were me, a phone call would be made to the licensed CPA who handles my taxes. Just a thought....:thumbsup:

Thank you for your help :) I beleive that was the information I was looking for :clap:

Well finding a licensed CPA that knows as much as I do about trucking and farming taxes for a partnership is very hard to find... They usually specialize in one or the other. And through in the partnership... Nope I do not think there is such a CPA anywhere like that.

Besides I asked for information on the IRS doc I would have to read... I am not just taking things at face value... furthermore by what I have read on this forum most these guys seem to know what they are talking about and I think I might trust them more then a stiff in a suit hehehe

But thanks for the suggestion. :lol:

:rofl::rofl::rofl::rofl:

Thanks for the chuckle !!!

Big Diesel, I don't know what the problem is , I get all my tax advice from internet message boards, and so did the guy in the cell next to me.

You are welcome :clap:

Can You Imagine???
 

C.P.A.'s even have messages boards and toss around accounting application theories/pratices . Whodathunk? :roll2::roll::roll3:;)

SteveBooth learned everything about how to run a business on a internet message board. Look how well he has done !!!! :lol::lol::lol: