If I own 2 semi trucks do I have to file them both? I got two different 1099 from the same company
2 semi trucks
Discussion in 'Experienced Truckers' Advice' started by Butlerb39, Mar 30, 2020.
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Only the one you want to drive.
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Ask the tax professional that.
You are a fleet with two trucks, you pay the taxes on each of their revenue. -
Even if you are only driving "single truck miles", with two trucks, you would still need to "register/account" for both of them.
Just like you have to pay insurance on two separate vehicles, even though you can only drive one at a time, you pay for them both and it doesn't matter if one is just sitting. -
File what?
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Both trucks on my taxes because I got 2 different 1099 from the same company
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You claim all cummulative incomes and deduct all expenses incurred in the earning of said incomes. The IRS is out to tax YOU and everything you earn above the standard deduction, not the trucks. The truck is a piece of equipment, not a business. Its owner is the business.
Never ever fail to report a 1099. It triggers an automatic audit when there are more 1099s submitted on you than you claim. the IRS already knows you have both 1099s because a 1099 is how your employer/lease co or whatever accounts for your pay in order to deduct it as an expense incurred against their income.Rideandrepair Thanks this. -
More trucks = more right offs as long as both 1099 are for actual income
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Someone needs to hire a tax professional, if you don’t understand the simple things you are are not going to file your own taxes properly. Probably pay a lot less if you hire a tax professional.
Rideandrepair Thanks this.
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