rcj1@ihlpm.UUCP (rj) (03/10/86)
I am thinking of going into a part time (for now) business (home remodeling), business checking account, business cards, letter heads etc, the whole schmear. I am also in the market for an car or truck. Question: If I buy a truck, can I use it for tax purposes, i.e. depreciation as a business expense? Also, does it matter that I'm in business part time? Any other particulars will be appreciated. Ray ihnp4!ihlpm!rcj1
ron@brl-smoke.ARPA (Ron Natalie <ron>) (03/13/86)
> > I am thinking of going into a part time (for now) > business (home remodeling), business checking > account, business cards, letter heads etc, the > whole schmear. I am also in the market for an > car or truck. Question: If I buy a truck, can > I use it for tax purposes, i.e. depreciation > as a business expense? Also, does it matter > that I'm in business part time? Any other > particulars will be appreciated. > What matters more is whether the truck is going to be used solely for the business or if you are going to use it for personal use as well. -Ron
john@hp-pcd.UUCP (john) (03/13/86)
<<<< < I am thinking of going into a part time (for now) < business (home remodeling), business checking < account, business cards, letter heads etc, the < whole schmear. I am also in the market for an < car or truck. Question: If I buy a truck, can < I use it for tax purposes, i.e. depreciation < as a business expense? Also, does it matter < that I'm in business part time? Any other < particulars will be appreciated. < If part of the "whole schmear" is income produced by your business then you are probably ok. All you need is a good accountant and/or a ton of tax advice books. The IRS does look for part time businesses whose sole function seems to be to turn normal personal expenses into tax deductable ones. If you lose money on a business for a certain number of years then they will decide that you were only doing it as a hobby and I believe they will reclassify your previous deductions as non-business. John Eaton !hplabs!hp-pcd!john