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Business & farm
@b_scott003 wrote:
....I have $10,000 profit from the Sole Proprietorship and $100,000 w2 income from another full-time job.....If I buy a $70,000 truck (6,000+ GVWR with 6' or greater inner bed dimensions), I can deduct the full cost of the truck ($70,000 from the $110,000)?
Yes, you can do so because your W-2 income counts as "business income".
‎December 31, 2020
8:53 AM