The amount of payoff was $17000
You'll need to sign in or create an account to connect with an expert.
No ... only the interest paid is a deductible expense on the tax return. The principle portion of the payment is covered by depreciating the asset per the IRS prescribed methods ... a semi truck is depreciated over 3 years ( on 4 tax returns) so if you have not been depreciating it you need to do so now and amend the prior year returns as well.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
samT5
New Member
jasonmark1993
New Member
user483784620
New Member
m-j-lapsley
New Member
ccacioppo
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.