Truck Load Rates Halt 8 Week Slide 2.0

Midwest dryvan. This month is 7271 miles so far.

 

Well done! No haz?

You must be one of the SOB’s that been beating me up on my brokerage. LOL

Honestly, I figured you were running coast to coast.

 

Nope no hazmat. Just regular standard dryvan primarily 4 states of the midwest. All load board or broker app freight.

 

Hey @Scooter Jones....How're you doing buddy?!
I wish you did not get yourself ousted like you did ....at least you could tell us how much you might have sold your equipment. @SteveScott made a hellofa deal and now I read that other guy sold his 200K mile Pete for over 200 000! Dum....I wish...I could be in my 60s already and sell my junk too. Too bad because the days of 1.5 a mile will become inevitable .... and Truck Load Rates Halt 8 Week Slide 2.0 WILL NEED TO UPGRADED TO 3.0 BEFORE WE KNOW IT.
I tell you in May/June of 2020 I was really close to buying that Harrison Freightliner Cascadia Glider...for 156K...only but I decided not to trust my intuition.

 

I backed my truck into my driveway and called it a year yesterday. 100737 total miles. When my truck was down in September I got all my paperwork together and had a sit down with the tax man and ran through every possible scenario that could happen, getting a new truck vs keeping this one, etc. Found out the total I would owe if I had to keep this truck of the new one wasn’t done and also what I’d owe if I did get the new one. Kept in touch with him during the last 5 weeks I was out and hit my goal, and I’ve decided I don’t want to give the government any more than I have to.

On another note, sounds like my truck is mostly assembled and sitting in Denton waiting for an ecu for the ABS system. Once it’s done the dealer here will fly someone down to drive it back so it doesn’t have to sit and wait for the drive away company to get to it. Salesman said “I’ll bet you a thousand dollars it’s here by the end of November” and I figure he must feel pretty certain about that since he probably doesn’t have much extra money with no trucks to sell.

 

I just mentioned in another thread about the tax implications of selling used trucks at a profit. Not sure what those implications are yet, but I imagine that the guy who just sold his truck for $200k is going to owe some capital gains tax. I may owe some as well since the depreciation deduction I've taken from my taxes over the last 3 years was probably too much considering what I just sold it all for.

 

I thought capital gains kicked in at $250k? My tax guy talks about “recovered depreciation” but I’ve never asked if that is at a different rate. When I talked to him in September I asked what if I sell my current truck for X and buy a new one for X? I wasn’t crazy about the answer but it was way better than the answer to what if I just keep my current truck. Then just for fun I asked what if I sold my truck for X and said heck with trucking and got a job somewhere and boy I didn’t like that answer at all. I am still kicking around the idea of taking the new one and selling it after first of the year because then I’d have all year to figure out something to start with the money from the sale.

 

Selling equipment you will owe either 15 or 20% in gains tax.

 

Okay, so I just looked it up. Yes, there are serious tax implications.

Income Tax Deductions on Selling Properties at a Loss

Cost Basis Reduction
With business personal property or rental real estate, the income-tax filing function of depreciation reduces the cost basis of the property when you dispose of it through sale. Your capital gain on the sale of the item is the selling price minus the cost basis. If you purchased a vehicle for $10,000 and have deducted $9,000 from your income tax for depreciation over several years, your actual cost basis of the vehicle is $1,000. If you sell the car for $2,000, you have a taxable gain of $1,000, which is the amount of the sale that exceeds the cost basis of the property.

 

I think orange man bad lowered it to 15% right? Could be worse. Steve have you heard anything from the buyers today?