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Deduct Time Spent Repairing Truck or Trailer

Discussion in 'Trucker Taxes and Truck Financing' started by Jimmbuds, Mar 13, 2018.

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  1. Mar 13, 2018 #1
    Jimmbuds

    Jimmbuds Medium Load Member

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    Apr 20, 2009
    Daytona Beach, FL
    0
    Alright so I have heard of it being done before by other people but I am curious if anyone else has done it. Can you claim a deduction on time spent repairing trucks and trailers on taxes? If shops can I don't see why I can't.
     
    Jimmbuds, Mar 13, 2018
    Jimmbuds, Mar 13, 2018
    #1
    MIKE G2 Thanks this.
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  3. Mar 13, 2018 #2
    JoelP

    JoelP Bobtail Member

    19
    23
    Jan 27, 2018
    0
    Not on your lost time. Parts and materials for the repairs, yes; value of your lost time, no.
     
    JoelP, Mar 13, 2018
    JoelP, Mar 13, 2018
    #2
    LGarrison Thanks this.
  4. Mar 13, 2018 #3
    062

    062 Road Train Member

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    33,847
    Oct 20, 2013
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    I've "been told" some will make up fake invoices from none existing "mobile repair shops" like you see pop up on Craigslist.
     
    062, Mar 13, 2018
    062, Mar 13, 2018
    #3
    Brucely Thanks this.
  5. Mar 13, 2018 #4
    RustyBolt

    RustyBolt Road Train Member

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    Feb 21, 2015
    Bement, IL
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    And some are praying they never get audited.
     
    RustyBolt, Mar 13, 2018
    RustyBolt, Mar 13, 2018
    #4
    misterG, kathyegan, LGarrison and 1 other person Thank this.
  7. Mar 13, 2018 #5
    MysticHZ

    MysticHZ Road Train Member

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    May 28, 2010
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    Sure you can ... all you have to do is show the receipt of payment to yourself on your business ledger. Then declare the income on your personal taxes.
     
    MysticHZ, Mar 13, 2018
    MysticHZ, Mar 13, 2018
    #5
    kathyegan, p608, Jazz1 and 3 others Thank this.
  8. Mar 13, 2018 #6
    mtoo

    mtoo Road Train Member

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    Jan 15, 2011
    Retired on bended knee
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    Good post, now all can understand, why.
     
    mtoo, Mar 13, 2018
    mtoo, Mar 13, 2018
    #6
  9. Mar 14, 2018 #7
    Jazz1

    Jazz1 Road Train Member

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    May 7, 2012
    Thunder Bay On
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    Thats just laziness or ignorance. Accountants always have solutions.
     
    Jazz1, Mar 14, 2018
    Jazz1, Mar 14, 2018
    #7
    JoelP Thanks this.
  10. Mar 14, 2018 #8
    MIKE G2

    MIKE G2 Bobtail Member

    7
    1
    Mar 14, 2018
    0
    YES YOU CAN
     
    MIKE G2, Mar 14, 2018
    MIKE G2, Mar 14, 2018
    #8
  11. Mar 15, 2018 #9
    Ridgeline

    Ridgeline Road Train Member

    22,649
    120,837
    Dec 18, 2011
    Michigan
    0
    Yeah, just get audited and if they discover a false receipt, they will tear into everything and I mean everything.

    To the IRS, your time doesn't count. YOU can't charge yourself for something you have.
     
    Ridgeline, Mar 15, 2018
    Ridgeline, Mar 15, 2018
    #9
    kathyegan, Justrucking2 and mtoo Thank this.
  12. Mar 25, 2018 #10
    Brucely

    Brucely Light Load Member

    120
    79
    Feb 19, 2018
    0
    Wait so is this the legit answer? Cuz then I'm going to start invoicing myself for watching porn and call it educational purposes.
     
    Brucely, Mar 25, 2018
    Brucely, Mar 25, 2018
    #10
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