Selling used truck

I didn't do gray areas on my taxes, but when I sold out and retired. I sure was glad when I hit the 3 year mark, then the 5 year mark and finally the 7 year mark. Any chance for a audit are now in my rear view mirror. Taxes are so simple with only social security and interest income.

Over 30 years of owning trucks, I tried staying away from the gray areas. But every time there was a letter from the IRS my heart would stop. I never went thru an audit, I can only imagine what that stress would be like. Stress is the main reason I finally sold out, remember stress is the silent killer.

 

That's what I did. Even sold my authority for 25k. Paid off my house and all debt. Still have another trailer to sell and that's it. The only way I know to get out without getting raped on taxes is to roll that sale price into another business venture.

 

Used to only be able to depreciate 80% of original price, or down to 20%. I guess it’s changed to 100% depreciation? What about accelerated depreciation? 100% in 1 year. Is that now, or was it ever a thing?