I just sold my old personal pickup that I used for doing construction side jobs because it was getting to the point where it wasn’t reliable for my personal life.

I plan on buying a newer truck anyway because it is needed in my personal life.

Assuming my projected income is $15,000/year from the side business, am I shooting myself in the foot tax wise by not waiting for the start of new year?

I would like to be able to write off a portion the sales tax and down payment if possible.

It will have a gvwr over 6,000 if that matters.

Thanks!

  • ste6168@alien.topBEnglish
    1·
    11 months ago

    I have a tax lady that handles this, so I don’t fully know, but my understanding is vehicle are depreciated over a certain period of years (5 maybe?). So, you’d get some tax benefit this year if you bought today, then some next year, then the following, etc.