2 semi trucks

Discussion in 'Experienced Truckers' Advice' started by Butlerb39, Mar 30, 2020.

  1. Butlerb39

    Butlerb39 Bobtail Member

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    If I own 2 semi trucks do I have to file them both? I got two different 1099 from the same company
     
  2. skellr

    skellr Road Train Member

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    Only the one you want to drive.
     
  3. Butlerb39

    Butlerb39 Bobtail Member

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    I switch up some times so do I just combine both 1099 and only list one truck on my taxes
     
  4. x1Heavy

    x1Heavy Road Train Member

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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.
     
  5. skellr

    skellr Road Train Member

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    I would think not as you are driving both at any given time You would need to drive one one year and one the next year. Maybe you can switch between them quarterly, but nothing in between.

    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.
     
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  6. Rideandrepair

    Rideandrepair Road Train Member

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  7. Butlerb39

    Butlerb39 Bobtail Member

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    Both trucks on my taxes because I got 2 different 1099 from the same company
     
  8. FoolsErrand

    FoolsErrand Road Train Member

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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.
     
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  9. abyliks

    abyliks Medium Load Member

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    More trucks = more right offs as long as both 1099 are for actual income
     
  10. Old Man

    Old Man Road Train Member

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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.
     
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