# buying new truck a business expense?



## mahlere (Aug 6, 2006)

L. B. Condulet said:


> My ex-wife is a CPA and she tells me the same thing.


yeah...but she's your ex-wife for a reason...

here are the advantages to trac leasing in a nutshell...

no money down..fixed payments that are fully deductable (sp?) for the life of the lease (usually 4 or 5 yrs)...predetermined buy out at the end of the lease (usually $1)


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## L. B. Condulet (Aug 23, 2007)

It depends on the interest rate. My last truck I got 0% financing. Leases have their fee buried in the lease. It can vary between leasing companies.


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## mahlere (Aug 6, 2006)

L. B. Condulet said:


> It depends on the interest rate. My last truck I got 0% financing. Leases have their fee buried in the lease. It can vary between leasing companies.


that I agree with...0% financing..buy...we've done that before...


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## Mike Finley (Apr 28, 2004)

The only reason not to lease, other than you plan on keeping your vehicle a long time is... is the likelyhood of damage. A work truck can get pretty beat up and you will be held accountable for very minor to nit picky things. If you can drive it for the term without it getting nicked up, financially it should either a wash or an advantage to lease, depending of course on your very specific circumstances.


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## mahlere (Aug 6, 2006)

dirt diggler said:


> oh ok - yeah - truck leasing
> 
> makes sense:thumbup:


you be quiet before I change your username to "crunchy mclovin"


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## mahlere (Aug 6, 2006)

Mike Finley said:


> The only reason not to lease, other than you plan on keeping your vehicle a long time is... is the likelyhood of damage. A work truck can get pretty beat up and you will be held accountable for very minor to nit picky things. If you can drive it for the term without it getting nicked up, financially it should either a wash or an advantage to lease, depending of course on your very specific circumstances.


trac leasing is essentially buying in that respect...you don't return the vehicle at the end of the lease...you give them a $1...they give you the title...but you get the tax advantages of a lease...


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## dirt diggler (May 14, 2006)

mahlere said:


> you be quiet before I change your username to "crunchy mclovin"


:laughing::laughing::laughing:


"ok"

:laughing:


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## L. B. Condulet (Aug 23, 2007)

Alright fellas, enough foolishness, I'm closing this thread.


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## ApgarNJ (Apr 16, 2006)

I will never lease a work truck. my accountant told me it's not the smart thing to do when it comes to tax write off. because you can only write off exactly what the monthly lease payments add up to in a year. with buying a vehicle. you can write if off in any increments you want, all in one year, which I will never do because then the next year you will be possibly searching for more deductions. i'd rather have it spread out of 5 years. and if one year is bad for taxes, bump a little extra into that year and steal from another year.
when selling a vehicle. you have to be creative in doing this, so you don't get hit with income taxes. i'll leave it at that. 

unless you buy a lot of equipment and trucks on a yearly basis, writing a truck off all in one year is not really smart.


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## mahlere (Aug 6, 2006)

L. B. Condulet said:


> Alright fellas, enough foolishness, I'm closing this thread.


go ahead...I triple dog dare you too....


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## L. B. Condulet (Aug 23, 2007)

We're on the honor system here, please respect my wishes.


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## mahlere (Aug 6, 2006)

LB, how many thread have you closed? How many with your left hand? I know you've been just dying for someone to ask, that fact is clear from the handle you selected. Come on man, don't hold back, we wanna hear.


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## L. B. Condulet (Aug 23, 2007)

*This Thread Is Now Locked








*


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## L. B. Condulet (Aug 23, 2007)

I've gotten 4 threads locked this week


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## mahlere (Aug 6, 2006)

L. B. Condulet said:


> I've gotten 4 threads locked this week


any with your left hand?


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## macmikeman (Sep 12, 2005)

ApgarNJ said:


> I will never lease a work truck. my accountant told me it's not the smart thing to do when it comes to tax write off. because you can only write off exactly what the monthly lease payments add up to in a year. with buying a vehicle. you can write if off in any increments you want, all in one year, which I will never do because then the next year you will be possibly searching for more deductions. i'd rather have it spread out of 5 years. and if one year is bad for taxes, bump a little extra into that year and steal from another year.
> when selling a vehicle. you have to be creative in doing this, so you don't get hit with income taxes. i'll leave it at that.
> 
> unless you buy a lot of equipment and trucks on a yearly basis, writing a truck off all in one year is not really smart.


Last time I checked, this has been effectivly curtailed by the IRS, due to the many realtors and so forth abusing what was originally a break for farmers and construction contractors. They figured out how take advantage of the percentage loophole while buying a big Mercedes suv or Hummer in the process. You can bury a big real estate commision with that gimmick. The vehicle weight was part of the qualifier for the write off in one year exemption, so thats why an awful lot of real estate agents drive H3 hummers.

I feel empowered - Nathan allows me to post in locked threads.


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## L. B. Condulet (Aug 23, 2007)

mahlere said:


> any with your left hand?


I got 4 threads locked, 9 of my posts deleted and they took away my moderator privileges.

All in all, it's been a pretty good week... :whistling


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