RV for 1099 travel work

[ryantrav]

Hello, 

I work as a "Fly in mechanic" due to airline travel being a disaster. How can I purchase a trailer and use it as a business expense also how do I expense my current truck I purchased in 2021?

Thank you 

Ryan 

[LoriLeighEA]

@ryantrav sounds like a cool job! Here is a great resource for vehicles used for your self employed work:

https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zz

The important thing is to keep very good records of mileage and expenses incurred. 

Look over this link and see if it answers all your questions.

Lori Leigh EA

[ryantrav]

404 error message when using the link

[LoriLeighEA]

So Sorry @ryantrav ! That was strange let me get you a better one. Try this one:

This is the link for your car: https://turbotax.intuit.com/tax-tips/self-employment-taxes/maximizing-tax-deductions-for-the-busines...

Let me get you some information about purchasing a trailer....

[LoriLeighEA · Accepted solution]

@ryantrav  Here is a great resource for mechanic expenses and taxes:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-mechanics-guide-to-tax-deductions/L3u40...

Your trailer would be considered depreciable assets for your business. Depreciation assumes that assets used to generate business income will wear out, get used up, or become increasingly obsolete over a period of time. For taxation purposes, depreciation lets you deduct the "used up" portion of that asset's cost every year, until the entire cost is used up or the business no longer owns.

TurboTax will walk you through all of this when you go to do your taxes - it would go under "Business Vehicle Expense".

Make sure these links open. Let me know if you have any issues.

Lori EA