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Updated over 2 years ago on . Most recent reply

User Stats

38
Posts
11
Votes
Joe Schultz
  • Marble Falls, TX
11
Votes |
38
Posts

Any tax deduction for new vehicle, my situation?

Joe Schultz
  • Marble Falls, TX
Posted

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

  • Joe Schultz
  • Loading replies...