For simplicity:
Anything used to produce income on a recurring basis (such as a food truck, a stove, oven, refrigerator, etc) are capital assets that get depreciated over time.
Now cheap things such as utensils don't have a "class life" and are supplies. This is because such items tend to wear out rather quickly, break or get lost, and are replaced quite often. So those things you just expense and deduct in the year they are purchased.
In the food business, anything that becomes "a material part of" the product you sell is also treated as supplies. But you "can" treat it as inventory if desired. I don't know which would be better for you accounting-wise at tax time. But in my opinion, using the COGS section for inventory gives you a better and more firm paper trail. The downside is that in your business, the book keeping can be rather tedious.
- If the food truck is motorized and licensed to be driven on the road, you'll report it in the "business vehicle expenses" section, and not the business assets section. As such, I would expect that food truck to be 100% business use and nothing else. So you'll need to keep mileage records and actual expense records to see which is better for you at tax filing time; be it actual expenses or the per-mile deduction. I've no experience in your industry. But my first inclination is that actual expenses will get you the higher deduction.
