Business Vehicle Questions

**minnesotacold** · 11-23-2008 11:15 PM

I am looking for a vehicle which will be used strictly for business purposes and I have a few questions. I am looking for a Ford F-350 Cargo Van and I have found a few good ones at an auction for about $1000.I do not really anything brand new but if the van breaks down, am I able to deduct all the repair costs and/or total vehicle value just in case if the van dies on me?. A brand new Ford F-350 Cargo Van costs about 25K and I am not looking forward to trying to finance something this expensive. What would you do?

**ASJ** · 11-23-2008 11:59 PM

Originally Posted by minnesotacold

I am looking for a vehicle which will be used strictly for business purposes and I have a few questions. I am looking for a Ford F-350 Cargo Van and I have found a few good ones at an auction for about $1000.I do not really anything brand new but if the van breaks down, am I able to deduct all the repair costs and/or total vehicle value just in case if the van dies on me?. A brand new Ford F-350 Cargo Van costs about 25K and I am not looking forward to trying to finance something this expensive. What would you do?

I believe that you can write off repair and maintenance costs of a vehicle. The best solution though would be to speak with an accountant to make sure.

**noc** · 11-24-2008 12:11 AM

It depends what kind of business you have? Is it registered. Or are you buying and selling stuff on CraigsList. Just completely depends on what situation your business is in.
Noc

**BusinessAdviser** · 11-24-2008 01:31 PM

Originally Posted by noc

It depends what kind of business you have? Is it registered. Or are you buying and selling stuff on CraigsList. Just completely depends on what situation your business is in.
Noc

Actually, it doesn't matter what kind of business you're in. It only matters whether you're using it for business purposes which are ordinary and necessary.

**kimbeckers** · 11-24-2008 02:50 PM

That is correct. It does not matter what your business is as long as you only use it for business.

You can write off the repairs of the truck as well as the insurance, cost to purchase, etc, but you are going to have to be able to document that the vehicle is used only for work purposes.

It is always best to consult with an accountant.

Originally Posted by ADVERTISE HERE!

Actually, it doesn't matter what kind of business you're in. It only matters whether you're using it for business purposes which are ordinary and necessary.

**Brainy** · 11-24-2008 04:33 PM

Definitely talk to an accountant or your accountant, phone them, for any tax and business related tax questions.

I would save yourself money and find a low cost auto that gets decent mileage. Buying anything new will devalue 15% or more the first day you drive it off the lot.

All the best...

**BusinessAdviser** · 11-24-2008 07:37 PM

Originally Posted by Brainy

Definitely talk to an accountant or your accountant, phone them, for any tax and business related tax questions.

I would save yourself money and find a low cost auto that gets decent mileage. Buying anything new will devalue 15% or more the first day you drive it off the lot.

All the best...

Take into account that you can write off depreciation?