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Starting a 50/50 owner operator

Discussion in 'Ask An Owner Operator' started by ChambersIIISC, Jan 29, 2021.

  1. Jan 29, 2021 #2
    ChambersIIISC

    ChambersIIISC Bobtail Member

    9
    3
    Jan 29, 2021
    Charleston
    0
    Hi, I brand new to this 50/50, “1099” thing. Can a personal vehicle used to travel to and from work be written off? Like I said, I’m brand new to this world and I apologize for silly questions.
     
    ChambersIIISC, Jan 29, 2021
    ChambersIIISC, Jan 29, 2021
    #2
  2. Jan 29, 2021 #3
    bad-luck

    bad-luck Road Train Member

    3,300
    6,064
    Nov 16, 2013
    Baltimore, Maryland
    0
    Best to check with a CPA. However, my understanding is no. The only time you can write of a personal vehicle to and from work, is when you don't work at the same location every day.
     
    bad-luck, Jan 29, 2021
    bad-luck, Jan 29, 2021
    #3
  3. Jan 29, 2021 #4
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    10,664
    45,734
    Jan 13, 2013
    SW Arkansas
    0
    No but you can write off miles used for business purposes. Like to get parts or visit a CPA or such. Keep a notebook in the car and list dates, mileage and reason for trip. 2021 rate from the IRS is $0.56 a mile, down from $0.575 in 2020.
     
    kemosabi49, Jan 29, 2021
    kemosabi49, Jan 29, 2021
    #4
  5. Jan 29, 2021 #5
    ChambersIIISC

    ChambersIIISC Bobtail Member

    9
    3
    Jan 29, 2021
    Charleston
    0
    Wow, thank you
     
    ChambersIIISC, Jan 29, 2021
    ChambersIIISC, Jan 29, 2021
    #5
  6. Jan 29, 2021 #6
    JonJon78

    JonJon78 Road Train Member

    7,157
    39,363
    Jul 1, 2018
    0
    What is a 50/50 owner operator?
     
    JonJon78, Jan 29, 2021
    JonJon78, Jan 29, 2021
    #6
    Tug Toy Thanks this.
  7. Jan 29, 2021 #7
    NYStarcar

    NYStarcar Light Load Member

    249
    595
    Oct 6, 2020
    In a van down by the river
    0
    Leased operator for 1099 outfit
     
    NYStarcar, Jan 29, 2021
    NYStarcar, Jan 29, 2021
    #7
  8. Jan 29, 2021 #8
    Rideandrepair

    Rideandrepair Road Train Member

    17,338
    56,256
    Aug 8, 2015
    0
    As an O/O, I used to write of lease pymts. Vehicle had to be a Minivan, SUV or P/U Truck. Able to haul Truck parts. Otherwise if using an owned vehicle, mileage used for Bussiness purposes must be kept on a record.Ive never bothered, too much hassle.
     
    Rideandrepair, Jan 29, 2021
    Rideandrepair, Jan 29, 2021
    #8
  9. Jan 30, 2021 #9
    Ridgeline

    Ridgeline Road Train Member

    22,401
    116,482
    Dec 18, 2011
    Michigan
    0
    Yeah my thoughts too

    sounds like a rip off.
     
    Ridgeline, Jan 30, 2021
    Ridgeline, Jan 30, 2021
    #9
  10. Jan 30, 2021 #10
    Old Man

    Old Man Road Train Member

    4,597
    13,470
    Apr 3, 2009
    Oklahoma City, OK
    0
    I will be nice, I believe they are below a fleece purchase operator on the food chain.
     
    Old Man, Jan 30, 2021
    Old Man, Jan 30, 2021
    #10
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