$10,000 paint job

Expense it. I spent $40,000 redoing my truck and took it all as a expense.

 

Take it down to the New York Metro subway lines and let the graffitti kids paint it. Then put the $10 k in a solo 401k

 

You can sell it as art once that's done, maybe get 100k or so out of it.

 

you can write anything off any way you want
until the day you get audited

 

I saw a truck not to long ago like this the truck was flat black and the trailer was flat black with some real nice graffiti style art work on it. It was sharp. I never seen it again but it was nice looking.

 

just cuz "i did it that way" doesn't mean it right. (refering to others here). Talk to your accountant. They are the ones that need to defend you if you get audited. If you file the taxes yourself, read up on the tax code because you will need to defend it if audited. Now, a new motor is depreciated because it makes the truck last longer and is over 8k or something (if forgot the number) and makes the truck more valuable. Depreciation is for when you change money into an asset. you didn't spend it, you just bough an asset with it worth x dollars. You stil have the money, just not in paper form. Fuel isnt an asset since you burn it up in a day. If you depreciated it, the schedule would be 24 hours lol. Now a paint job makes your truck more valuable (changed money into paint that is an asset) It also prevents rust, makes the truck look newer and prolongs it's life. I'd say depericate. BUT, im no accountant this is just my .02 logic.

 

CODB baby. Cost of doing biz. Got three bids, this was the low bid. Mine cost 18,000.00 Did the trailer also.

 

I'm with this guy. $10K ain't chump change...In my opinion certainly DOES increase the value of the truck (would you buy the dull, banged up Pete or the shiny one for the same money...?) prevents rust, adds character, increases business image. The G Man would have an awful argument on his hands with me on this subject.

I write off everything from pencils to pipewrenches, rags to radiators as long as I have a receipt in some form. If it's for my bidness...I deduct it as a bidness expense, period.