Writing off your rig for business use

Mortalis5509 · Sep 18, 2013

I have been searching and not finding out how to write off an off road rig for an off road business that is self funded.

Is the rig considered advertisement and any parts? Is there a max amount for advertisement per year that can be deducted? Or is there another way it can be written off. Driving it 10 miles a weekend won't cut if for mileage deduction.

Would all of the money I put into the business be written off since the money used is my earned income? There are no partnerships, no loans, and no gifts.

I will show a net loss for the year. Is there a max for net loss? Will the entire net loss come off of my earned income since I personally funded the business?

I'm thinking an LLC is best?

If you know any of these answers please post up or pm me. Appreciate the help

John Galbreath Jr. · Sep 18, 2013

Need a good tax attorney!

InDaShop · Sep 18, 2013

wheeling at a tax discount is more like it.

wont work · Sep 18, 2013

Start with getting a business license and then company credit card. Buy parts and fuel on that.

Mortalis5509 · Sep 18, 2013

wont work said:
Start with getting a business license and then company credit card. Buy parts and fuel on that.

I have the money to fund the business. I'm taking it one step at a time before I get a license.

zebrajeep · Sep 18, 2013

Just use it to rake hay, list it on the farm equipment list as a "home built" 2nd tractor, insure it through the Farm Bureau Insurance Co. and ........

Ding, ding, ding, ding.....

Instant 100% write off!

Mortalis5509 · Sep 18, 2013

Re: Re: Re: Writing off your rig for business use

zebrajeep said:
Just use it to rake hay, list it on the farm equipment list as a "home built" 2nd tractor, insure it through the Farm Bureau Insurance Co. and ........

Ding, ding, ding, ding.....

Instant 100% write off!

That's smart. Too bad I can't rake hay on an acre of land.

Sent from my SCH-I535 using Tapatalk 2

ridered3 · Sep 18, 2013

Re: Re: Re: Writing off your rig for business use

Mortalis5509 said:
That's smart. Too bad I can't rake hay on an acre of land.

Sent from my SCH-I535 using Tapatalk 2

Rake hay for others on the side...

JohnG said:
Need a good tax attorney!

Probably the best advice you'll get for free. When it comes to taxes, the .GOV will get their share and being too creative could mess you up quick personally and professionally.

mdo817 · Sep 22, 2013

What kind of business you starting Tripp?

78-79FordMan · Sep 22, 2013

zebrajeep said:
Just use it to rake hay, list it on the farm equipment list as a "home built" 2nd tractor, insure it through the Farm Bureau Insurance Co. and ........

Ding, ding, ding, ding.....

Instant 100% write off!

And that's no joke have seen this buggy in action raking hay ..

kturner · Sep 22, 2013

My wife and I own a antique store that is a sub part of our company and were LLC . We wrote off 80% of my most recent buggy build as advertisement.So its considered 80 business and 20% personal use. This is all by advice from our accountant.

kturner · Sep 22, 2013

kturner said:
My wife and I own a antique store that is a sub part of our company and were LLC . We wrote off 80% of my most recent buggy build as advertisement.So its considered 80 business and 20% personal use. This is all by advice from our accountant.

Of course ill probably be the only buggy around with a antique store name plastered all over it. :woot: