My 1099 income came from work I did in finding homes to purchase as well as remodel and sell after purchasing them. To aquire this income I used many different tools that I Owned. I used my Tractor and My enclosed trailer. I put more than 9000miles on my trailer for this purpose. Can I deduct this use on my taxes?
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Both are deductible, but not as a regular expense.
The tractor and front end loader are assets that would be depreciated.
The Suburban, you can take a standard mileage deduction for or use the actual expenses method meaning gas receipts and repairs, etc prorated based on business vs. personal use.
Both are deductible, but not as a regular expense.
The tractor and front end loader are assets that would be depreciated.
The Suburban, you can take a standard mileage deduction for or use the actual expenses method meaning gas receipts and repairs, etc prorated based on business vs. personal use.
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