Closing out a business

[Crazynuff]

I have been the sole proprieter of a business with disappointing profits . I have been offered a very good postion as a company driver which I am going to accept and cease operations of my business the end of June . My questions are in regard of the truck I have been claiming deductions on and I want to keep for personal use . The truck is titled to me personally . My main concern is will I have to pay tax on my personal use of the vehicle the remainder of the year ? I was depreciating the truck over 3 years . Last year was the first year . How much depreciation should I claim ? ( I've put over 70,000 miles on the truck this year . Would I be better off to have some type of part-time business and continue to use the truck for business purposes ?

 

[Fkatz]

I have been the sole proprieter of a business with disappointing profits . I have been offered a very good postion as a company driver which I am going to accept and cease operations of my business the end of June . My questions are in regard of the truck I have been claiming deductions on and I want to keep for personal use . The truck is titled to me personally . My main concern is will I have to pay tax on my personal use of the vehicle the remainder of the year ? I was depreciating the truck over 3 years . Last year was the first year . How much depreciation should I claim ? ( I've put over 70,000 miles on the truck this year . Would I be better off to have some type of part-time business and continue to use the truck for business purposes ?

Crazynuff,

Sorry for the late answer to your question but I have been busy doing extended returns. the Answer is that you are no longer in business as of such and such a date. As of that date there is no tax or income derived from that business so the van is now a personal vehicle and is not consided taxable unless you want to deep it for some sort of business

Frank