Truck purchase deductible on taxes?

Sounds exactly like my plan. Lol. Only difference, my Trucks paid for. Needs $5000 repair. Old Trailers still good for now. Need new one asap. 2-3 yr old dry vans at auction are about $22k. I’m naturally inclined to take my chances. I usually beat the odds. Just have a lot of unfinished projects and a lifetime of stuff to sort through. A few garage sales, a few vehicle sales. A lot of home repairs before selling. I’ve reconnected with some real good old friends, made a few new ones. It’s kind of nice having a “ normal “ life. Whatever that means. Lol. I still miss running OTR. Might do it a few more years till I retire. Don’t like the cold winters here, also the terrible roads, lousy rough riding Trucks beating me up, and especially don’t like working with others. Much happier being in my own little world where I’m in control. I’ve proven to myself I can screw things up just as good as anyone else. Lol. Being widowed now, I don’t have any responsibility for anyone else. Whether running my own, or as a Company driver, getting ahead will be easy. I may just sell the Truck and Trailer, pay off debts. Sell everything, rent a small place. Work 20-30 hrs week. Go fishing. Really don’t know yet. Curious how things work out though. Been in a fog almost a year now. The dust is settling. I’m getting motivated. Finally got steady work. Banking $1500 mo. It’s a start. I’m basically broke, sitting on $200k+ worth of assets that are currently a liability. Lol . What a dilemma. Meanwhile I’m being sued by a few different Lawyers for a total of $35k. Tempted to borrow against equity. But instead I’m going to settle each one as I go. It’s not much. Just takes time. I knew I would be in this predicament a year ago. Just didn’t care. Had bigger issues to focus on. Anyway, your plan will work. You’ll make more than $1.60. Dry Vans are making at least $1.80 all miles right now. That’s barely scraping by, but it’s still better than my current Drivers wages. $1500 per week, for 5-12 hr days, only take home $1150. I paid myself $1700 wk. worked 3 wks. Per mo. or 20 days. So about $2000 more per month than I’m making now. Looks like I’ll get at least $1000 back on taxes, instead of owing $1000 on my own. For now it’s ok. But if I don’t go back, might quit Trucking altogether. This job and every other job available sucks. Plenty of them. Just not worth the effort.

 

You have a lot more complications than I do, and I’m glad I’m not getting sued. Sorry to hear about being a widower, didn’t know that.
I only take home $700/week where I’m at now. With all the taxes plus pensions and union dues I get killed in net income. I want to work there until next month so I’m fully vested in both pensions so at least I get something out of this hell hole in the long run.

 

I wouldn’t like to haul for $1.60, I’d like at least $2.50, but I plan for the worst. If I get $3/mile going in to a bad area I’ll take $1.75 coming out.

 

You're wasting your time lol.

 

Clearly you don’t understand how to figure for the worst case scenario.

 

Worst case scenario is continuing to work for someone else. Lol.

 

Well that’s the hell I’m living now. Watching them take 50% of my check before it hits my make believe checking account. I was looking for a job before I found this one.

 

Sold my pickup, so I have enough cash to buy the semi outright. That’d help tremendously toward success in the business.