Congrats on the new to you vehicle. There are two different ways you can expense this truck. The very first year that you placed this truck in service is very important. You can take the standard mileage rate per business mile. The standard mileage rate includes depreciation of the truck, repairs and gas. It is a fixed amount set by the IRS. The standard mileage rate for 2023 is 65.5 cents per business mile.
The other way is to take actual expenses. When you take the actual expenses you get to claim depreciation of the truck, actual cost of repairs, gas, and insurance based on the business portion that you use the truck.
For example, if you drive the truck 1000 total miles in the year and 900 of those miles are for business, you will get a deduction of 90% of your actual cost.
If you choose to use the actual expenses, you must continue to claim actual expenses each year the truck is used for your business.
You can also deduct the interest paid on the truck loan on the business portion.
