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Is Federal Excise Tax Deductable?

Discussion in 'Trucker Taxes and Truck Financing' started by Hegemeister, Oct 11, 2015.

Oct 11, 2015 #1

Hegemeister Road Train Member

1,912

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Jun 16, 2012

Mechanicsburg, PA

0

Purchasing a new truck this year. I understand that the interest on a loan and depreciation is tax deductible. But can the FET paid on the sale be deducted on the first year tax return?

Hegemeister, Oct 11, 2015

Hegemeister, Oct 11, 2015

#1
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Oct 11, 2015 #2

tnevin225 Road Train Member

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Jan 1, 2014

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Is that your new baby in the avatar?

tnevin225, Oct 11, 2015

tnevin225, Oct 11, 2015

#2
Oct 11, 2015 #3

Hegemeister Road Train Member

1,912

1,660

Jun 16, 2012

Mechanicsburg, PA

0

It's not "thee" truck. But it's a 680. Spend a lot of time on the road. Trying to be as comfortable as possible.

Hegemeister, Oct 11, 2015

Hegemeister, Oct 11, 2015

#3
Oct 11, 2015 #4

tnevin225 Road Train Member

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Jan 1, 2014

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Good choice, I wish thy made it in a Glider.

tnevin225, Oct 11, 2015

tnevin225, Oct 11, 2015

#4
Aug 10, 2017 #5

freightwipper Road Train Member

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Mar 24, 2014

OTR

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any answer ?

freightwipper, Aug 10, 2017

freightwipper, Aug 10, 2017

#5
Aug 11, 2017 #6

Ridgeline Road Train Member

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100,860

Dec 18, 2011

Michigan

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Yep ask your accountant when you have them do your taxes because it really isn't deductible with a few exceptions.

Ridgeline, Aug 11, 2017

Ridgeline, Aug 11, 2017

#6

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