I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks
I bought a used cargo van I put into service in August of 2010. I recently added an inverter/battery system and an espar heater. Are any of these improvements tax deductible? Thanks
It DEPENDS!.
IF Are you planing on using the standard mileage deduction of 55 cents per mile or you may take actual expenses per IRS Publication 334, 463 Individual Business instructions for filing
NO!! due to the mileage covers all truck expenses except Workmens Comp Or Occupational Insurance, Satellite cost, per diem, hotels, etc.
The Espar Heater must be depreciated over 5 years or totally deducted under 179 Deduction, but you have no more after the first year. I suggest the depreciation Any other equip purchased over $100 must be either depreciated or a 179 deduction
the batteries, Inverter system- depreciated or 179 deduction
Other wise you cannot take the mileage deduction if you want to take actual expense
Fuel, Truck Insurance Repairs and Maintenance Depreciaton on Van over 5 years including Computer, computer software (must be 179 only)
IF there are any additional questions, please do not hesitate to ask and thank you for your inquiry
Franklin Katz, RTP, ATP ,PA, PB, Frank’s Tax and Business Service 120 York Rd Kings Mountain, NC 28086-3151 (704) 739-4039 Fax: (704) 739-3934 e-mail: [email protected]
Providing Professional Accounting Services and Income Tax Preparation
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