Deduct Time Spent Repairing Truck or Trailer

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

  1. Jimmbuds

    Jimmbuds Medium Load Member

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    Daytona Beach, FL
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    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.
     
    MIKE G2 Thanks this.
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  3. JoelP

    JoelP Bobtail Member

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    Not on your lost time. Parts and materials for the repairs, yes; value of your lost time, no.
     
    LGarrison Thanks this.
  4. 062

    062 Road Train Member

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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.
     
    Brucely Thanks this.
  5. RustyBolt

    RustyBolt Road Train Member

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    And some are praying they never get audited.
     
  6. MysticHZ

    MysticHZ Road Train Member

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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.
     
    kathyegan, p608, Jazz1 and 3 others Thank this.
  7. mtoo

    mtoo Road Train Member

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    Good post, now all can understand, why.
     
  8. Jazz1

    Jazz1 Road Train Member

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    Thats just laziness or ignorance. Accountants always have solutions.
     
    JoelP Thanks this.
  9. MIKE G2

    MIKE G2 Bobtail Member

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    YES YOU CAN
     
  10. Ridgeline

    Ridgeline Road Train Member

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    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.
     
    kathyegan, Justrucking2 and mtoo Thank this.
  11. Brucely

    Brucely Light Load Member

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    Wait so is this the legit answer? Cuz then I'm going to start invoicing myself for watching porn and call it educational purposes.
     
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