Going to buy my truck cash, need help

A few things to give consideration.
The first is you will need to set aside some of the money from the house sale for taxes. You will have income tax due on the profits of the sale.

If you purchse a truck. They have an operating cost.
Do you have 6 months minimum of cash available to cover these expenses.

Do you have a business plan. This is verry important.
The SBA has studied this and found that the highest rates of business that fail do not have any plan.

 

First get this straight, that truck makes no money sitting ... so ...

Number one thing is pick your segment you want to work in carefully.

Number two and most important is that a truck is not, never ever a car so you buy it as if it is a tool and do what is called due diligence. This includes having the truck checked out, not by just a mechanic but also having a dyno and blowby checked (blowby is checked only under a full engine load). There is more but you can search for that. You do all of this to prevent the truck being a money pit and sitting.

 

Not always the case. If he's lived in it for less than 5years, then the first $250k of the sale price will be tax free. $500k if married.

Tax Aspects of Home Ownership: Selling a Home - TurboTax Tax Tips & Videos

 

Actually you have to live there for a minimum of 2 of the last five years.
But that’s the least of his worries.

 

Everything is included in the link i included

 

Please read the link you quoted.

You reply of “less than 5 years” is wrong.

The link is right, but you are wrong.
If all the op read was your reply he would be mislead.

 

It states what i stated, what you stated is also there. But its listed farther down and under a different provision.i suggest you read because what i stated, is exqctly what my parents dealt with when they sold their place in 2015 after only 3years in their home

 

Good grief!!!! They lived there THREE years!!! That qualifies them for the TWO year provision.
I give up.....

 

Op:
Just remember to have your business pay the investor seed money back with interest... unless you have found yourself an investor willing to let your business borrow money at 0%, or heck maybe he doesn't care if you ever pay him back.

^ this makes a lot more sense when you realize you now must separate your business and you as an employee. It makes a lot more sense when you draw it out on paper. Draw up a business plan. Company is opened and is worth $0. How will it get seed money to start? How will it use the seed money to purchase equipment, fuel, pay someone to operate it, all taxes and road costs, what will it's source of revenue be, and can you still see a profit on top after all that?

Consider this question. Let's say you have $100,000 You are willing to spend on equipment. If your business plan is unable to pay back the initial seed money to the investor + interest then what kind of investor have you got? A sucker!