I’ve been an owner-operator since 2018, and my truck is almost paid off. Since the depreciation on my truck is pretty much gone, can I switch to the mileage deduction instead of continuing to claim the remaining truck payments? Just trying to figure out what’s allowed before tax season.
Been in trucking for a while… you really need to talk to a CPA for stuff like this. Tax laws can get tricky.
If you started with the depreciation method when you first used the truck, you can’t switch to the per-mile deduction for the life of the vehicle. You’ll have to stick with actual expenses, but without depreciation now.
@Holt
I only claimed actual expenses in the beginning. Since vehicles lose value over time and I won’t have big payments soon, I was wondering if I could switch to mileage for the rest of its life.
Valentine said:
@Holt
I only claimed actual expenses in the beginning. Since vehicles lose value over time and I won’t have big payments soon, I was wondering if I could switch to mileage for the rest of its life.
Unfortunately, once you choose actual expenses, you’re locked into that method for the entire time you use the vehicle. You won’t be able to switch to the per-mile deduction now.
There are CPAs who specialize in trucker taxes. Might be worth finding one to make sure you’re taking full advantage of deductions.
Neely said:
There are CPAs who specialize in trucker taxes. Might be worth finding one to make sure you’re taking full advantage of deductions.
Can’t I just ask the forum first?
Neely said:
There are CPAs who specialize in trucker taxes. Might be worth finding one to make sure you’re taking full advantage of deductions.
Can’t I just ask the forum first?
Sure, but most answers here come from the University of TrustMeBro. If you need real accuracy, a CPA is your best bet.