AHGatto, CPA wrote:

- quote -

Hmmm.... Now just how does one do that? If a proprietor
goes to dealer and wants to buy a truck in a fictitious
name, e.g. Joe's Trailer Service, would the GM or Ford
dealer agree to sell the truck to Joe's Trailer Service? I
think not. He might be persuaded to make out the bill of
sale to Joe Smith, dba Joe's Trailer Service at the least.

State titling laws at least down thisaway prevent such and
require all titles to be registered in name of legal owner,
e.g. Joe Smith in this case.

ChEAr$,
Harlan Lunsford, EA n LA

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abuse[at]spammersaregay.com <netkev[at]gmail.com> wrote:

- quote -

This refers to Section 179 first year expensing. Other
expenses of the truck are not restricted to income, but if
you consistently do not make a profit in this business, it
might not be a true profit oriented business.

- quote -

Section 179 expenses

- quote -

Yes.

- quote -

You can take employment expenses as appropriate plus non-179
expenses for your self employment.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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I agree it should not matter if the truck is in the name of
the business or not. However, if you use a name, other than
your own name for the business and you intend that it be a
business asset, I think it looks better if you get audited
for the truck to be in the name of the business. Also, the
IRS may look at other factors. For example, if you are
using it that much for business make sure your insurance
policy also shows that it is used for business and
appropriately reflects the mileage drivien. In my area,
auto/trucks used for business will pay a higher insurance
rate than non business vehicles.

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- quote -

The limit for Section 179 deduction is $15K in this example;
this assumes that the $5K is after your other business
expenses.

Tom

--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: tom[at]tomhealycpa.com, since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772

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- quote -

Do you mean, that (for simplicities sake) if I make:
10k: standard job
5k: self-employment business

That I can only expense the truck up to 5k for uses of my
self employment business. OR do you mean that I can expense
the truck upto my total income? 10k+5k?

The reason I ask is because my self-employment business is
brand new and makes me very little money at the moment. I
would hate to only be able to write off what I make in the
business this early in the game.

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"abuse[at]spammersaregay.com" <netkev[at]gmail.com> wrote:

- quote -

Well its not a tax question you're asking. The tax answer
to your non tax question is that its irrelevant either way
because you and the business are one and the same.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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netkev[at]gmail.com (abuse[at]spammersaregay.com) wrote:

- quote -

For a Schedule C business, no.

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- quote -

You'd have to adjust the percentages, on your personal tax
return (Schedule C). If 75% is correct, 75% would be
eliglble for depreciation/Section 179. You may expense the
property only to the extent it does not exceed your income
from employment/self-employment.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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I have a small business and use my truck (elgible for full
tax deduction due to ggvw> 6300) for about 75% with my
business. The way I understand sole proprietership
businesses is that the assets can flow from business to
personal.

My question is, am I required to put my truck in the name of
the business if I want to write off 75% of it's cost?

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