Deductions

[ptb1]

I'm a truck driver, I'm purchasing a truck to become an owner operator. Can I deduct the loan payments.

[ThomasM125 · Accepted solution]

If you get paid on a W-2 form as opposed to a form 1099-NEC, then you cannot deduct the costs of operating your truck. In other words, if you are self-employed then you can deduct the costs of operating your truck.

As far as deducting the loan payments, however, you would not deduct the whole payment but you could deduct the interest portion of each loan payment. Also, you can enter the truck as an asset and deduct the cost of the truck over time, as well as gas, repairs and insurance.