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Mattyd's avatar
Mattyd
Explorer
Mar 07, 2014

Taking your truck/TC off your taxes as a corp deduction?

I know a person who has a race car and deducts it as advertising for his business.. therefore he then deducts the truck and TC needed to pull the race car.
Another suggestion is since it is a licensing headache to title and run a pick up as a corporate vehicle-commercial plates etc to title it personally and deduct it corporately. Let the corp buy the TC since there is no title.
Any other ideas that have worked? Thinking of calling it a mobile office?

11 Replies

  • I am not a tax guru nor familiar with U.S. law. Here we can depreciate a portion of the value each year if it is used for business purposes but you might have to prove that. If the vehicle is registered in the company name and is available for personal use, that portion becomes a taxable benefit on your tax return.
    There is another catch. If a company asset is depreciated to below it's fair market value, the surplus may be subject to capital gains. This can be an expensive issue if a home office is written off as a business expense and the house is then sold.