What is the name of your state? NC
I have been told a company can Purchase a work truck, (fill it with tools etc.) and deduct the cost, then depreciate some of the truck value over a period of time.
These trucks are used “on call all day” and have in the past been taken home as “On Call”, and back up for the person on call.
Some companies around here, insist the trucks be taken home.(emergencies or aging the vehicles?)
Some do not. Insurance cost.
Three CPAs agreed with this, and four book keepers. (I live 50 miles away and had been given a truck to work with and take home) My company was bought out about a year ago and the new company doesn’t allow the trucks be brought home which is why I had originally asked around. But company police is company policy.
Recently a book keeper and then shortly thereafter a CPA, both heard me talking to someone who thought I still take a truck home. ( both sneering at my stupidly) said you can not deduct more than the original cost.
Who is right?
If I am wrong…Oh Well. ( I will grit my teeth and stamp my feet.)
If I am right, is there something I can find in writing to back me up if it happens again.
Only a matter of pride on my part. ( and no I do not intend to go back to the sneering people in either case.)
I have been told a company can Purchase a work truck, (fill it with tools etc.) and deduct the cost, then depreciate some of the truck value over a period of time.
These trucks are used “on call all day” and have in the past been taken home as “On Call”, and back up for the person on call.
Some companies around here, insist the trucks be taken home.(emergencies or aging the vehicles?)
Some do not. Insurance cost.
Three CPAs agreed with this, and four book keepers. (I live 50 miles away and had been given a truck to work with and take home) My company was bought out about a year ago and the new company doesn’t allow the trucks be brought home which is why I had originally asked around. But company police is company policy.
Recently a book keeper and then shortly thereafter a CPA, both heard me talking to someone who thought I still take a truck home. ( both sneering at my stupidly) said you can not deduct more than the original cost.
Who is right?
If I am wrong…Oh Well. ( I will grit my teeth and stamp my feet.)
If I am right, is there something I can find in writing to back me up if it happens again.
Only a matter of pride on my part. ( and no I do not intend to go back to the sneering people in either case.)