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Updated over 2 years ago on . Most recent reply
![Joe Schultz's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/327565/1621444549-avatar-traderjoes.jpg?twic=v1/output=image/cover=128x128&v=2)
Any tax deduction for new vehicle, my situation?
My income is mostly from rental property (single family) but I still do some residential construction (mostly remodeling).
my pickup (07 Tundra has a transmission issue - for now just a check engine light)
will need replaced within a year or maybe two.
1) Construction Co.
Would make the most sense for a serious deduction but since I've focused more on rental property my construction company doesn't gross enough to make the purchase of a new vehicle a viable one, probably get audited and then not sure what they would do.
2) Rental property wouldn't make sense either because it would be an administrative nightmare ( CPA says) to divide every expense up per each home.
If I change to having them all owned by a single LLC then if someone won a lawsuit against me, I could lose it all.
Deductions for now since I use my truck for Construction, Rentals & Personal is based on mileage or I just get the standard mileage deduction (7k).
Just trying to be wise before I just do something.
Any thoughts on this would be appreciated.
Thank you, Joe