Leasing truck vs buying outright in cash

Discussion in 'Ask An Owner Operator' started by Thetrashnoob, Dec 5, 2019.

Page 3 of 3

Dec 11, 2019 #21

Accidental Trucker Road Train Member

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Antinomian said: ↑

The depreciation rules are the same as if the truck cost $150K. Choose one of two depreciation methods.

#1) Straight line:
Figure out the predicted salvage value the truck will have three years from now. Subtract that from what you paid for it, including tax and title fees. Divide the difference by three and deduct that amount each year for three years.

#2) Double declining balance:
Add up the purchase price, plus the tax and title fees. Deduct half that amount the first year, one quarter the second year, and one eighth the third year. The remaining eighth substitutes for the salvage value.
Click to expand...

One of three methods:

3) Section 179 deduction: Take the whole shebang (or any part you elect) the first year up to $250K (IIRC, exact number was increased in the last tax change).

Accidental Trucker, Dec 11, 2019

Accidental Trucker, Dec 11, 2019

#21

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