Not really tractor related but a lot of people here have atvs or 4 wheelers on the farm so I thought this might fit. I also own a Farmall M with a Dual 250 loader. But my son is an electrician and a foreman for the company he works for but on his new project which is a large manufacturing plant for a box store which is over 1200 feet long. His company doesn't provide an atv to haul stuff so I am wondering if he can buy one and write it off of his taxes. Mostly for work use.
- Thread starter Bobfish1
- Start date
Anonymous-0
Well-known Member
Everyone tries their damndest to get outta payin taxes then the same ones cry cause stuff gets cut..................
The big thing to consider is the liability involved.If he puts it on the project he'll have to have insurance.In Illinois it's a law.One way around that is to sell it to the contractor for a agreed amount and buy it back when the job is complete.To make it a legal write off would be to get the contractor to sign a lease.Thru the years I leased trucks and tractors on several projects but always carried my own insurance just to be on the safe side.Good Luck.
Russ from MN
Well-known Member
- Location
- Bemidji MN
If it's necessary then his employer should provide it, and it would be a business expense for him. Is your son driving a company truck now? A lot of companies have side-by-sides for getting around a large complex. Some people use bicycles!
Traditional Farmer
Well-known Member
- Location
- Virginia
Yea like some guy awhile back living in some Socialist European enclave with sky high taxes was trying to buy a chainsaw here in the states and have it shipped to him to avoid the high taxes in the country he was living in.
Without more knowledge of his tax situation; that question is unanswerable. BUT his accountant should be able to answer it in about 10 seconds. please check with that person! the accountant also should be able to provide an answer on how to handle the situation to the best for both parties.
Anonymous-0
Well-known Member
If the company buys it, I would assume he can depreciate the asset.
huntingreen2day2
Member
Very true and some don't like their tax money to pay
someone's salary when they stay on the computer
while on the job.
someone's salary when they stay on the computer
while on the job.
MarkB_MI
Well-known Member
- Location
- Motown USA
Everybody would like to write off their toys as a tax deduction. I say "go for it", since I'm not the one who has to explain to an IRS auditor why his toy is a legitimate tax deduction.
If he is an "independent contractor" and gets a 1099, he has a shot at it. If his pay is reported on a W-2 he would be nuts to even try. He'd have to write it off as an unreimbursed employee expense, and something that big is going to attract attention. As a contractor, he can depreciate it out and it's unlikely to attract the notice of the IRS.
Of course, this advice is worth exactly what you paid for it.
If he is an "independent contractor" and gets a 1099, he has a shot at it. If his pay is reported on a W-2 he would be nuts to even try. He'd have to write it off as an unreimbursed employee expense, and something that big is going to attract attention. As a contractor, he can depreciate it out and it's unlikely to attract the notice of the IRS.
Of course, this advice is worth exactly what you paid for it.
Loosehandle
Well-known Member
- Location
- Wisconsin
I bet theres lots of people willing to walk back and forth for what an electrition gets paid.
As a certified non-accountant -
I'd say if he's an employee - non compensated expenses ARE deductible - but to be safe, he'd have to log the time he uses the atv on the job.
The only part that would be deductible is the part he uses on the job. Call it a 5 year depreciation and figure out what each day of use costs.
Similar to nonreimbursed car expenses. The IRS allows $.xx per mile driven - NOT the cost of the car.
I think the government's going to raise an eyebrow if he tries to say the atv is 100% for work only. Corporations typically don't have their employees buy expensive assets FOR them. That might even raise some IRS eyebrows against his employer.
Something tells me said ATV is probably not stored permanently onsite at the job location either.
The people at the IRS are no differnt than us - and WE all think the same thing - it's more about having an atv for fun than having an atv for work. He COULD use a bicycle.
So I say just deduct the work related part. I think that would slide under the IRS radar with no problem, and it would be the honest thing to do.
I'd say if he's an employee - non compensated expenses ARE deductible - but to be safe, he'd have to log the time he uses the atv on the job.
The only part that would be deductible is the part he uses on the job. Call it a 5 year depreciation and figure out what each day of use costs.
Similar to nonreimbursed car expenses. The IRS allows $.xx per mile driven - NOT the cost of the car.
I think the government's going to raise an eyebrow if he tries to say the atv is 100% for work only. Corporations typically don't have their employees buy expensive assets FOR them. That might even raise some IRS eyebrows against his employer.
Something tells me said ATV is probably not stored permanently onsite at the job location either.
The people at the IRS are no differnt than us - and WE all think the same thing - it's more about having an atv for fun than having an atv for work. He COULD use a bicycle.
So I say just deduct the work related part. I think that would slide under the IRS radar with no problem, and it would be the honest thing to do.
Anonymous-0
Well-known Member
Wasn't the taxes dipshit...... just the price itself..... Sales tax is high here, but I don't have to pay it. Usually do but can skip it if I want to go thru the hassle.......
I can't write of anything on my taxes....
Traditional Farmer
Well-known Member
- Location
- Virginia
Don't European countries have a VAT that makes
things espensive.
things espensive.
Anonymous-0
Well-known Member
germany is 19% but it's camouflaged.... All marked prices are including tax..
Never know what will be expensive or cheap (compared to the States)....
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