Sad but good day, what should I sell for private party?

[SwampNut]

which will be a tax free $1680.

Wait what? I thought that was reported and you have to offset it with actual provable expenses, otherwise it's taxable.

An all-electric truck, when they are finally available, would be pretty profitable for you. Our Tesla costs SO little to feed.

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[danielspivey]

Wait what? I thought that was reported and you have to offset it with actual provable expenses, otherwise it's taxable.

An all-electric truck, when they are finally available, would be pretty profitable for you. Our Tesla costs SO little to feed.

provable expenses is easy.... Ill be keeping a log every month anyways, that’s how it’ll be determined how much I get paid: mileage X $.56

good point on the electric... but it’ll be challenging those days when I’m driving over 300 miles considering the new lightening gets 230 max miles and the extended version only gets 300.

then the rivian starts at around 70k...

 

[pcrawfordpt]

Can't get them to put the $45K towards yours and keep it?

 

[danielspivey]

Can't get them to put the $45K towards yours and keep it?

Paying the $.56 per mile enables me to keep it, not have a payment, pay it down faster and then keep it personal as an asset that I can sell.

it’s honestly a win win, I don’t pay personal property taxes and the insurance is way cheaper as an individual. Also a lot less liability for the company.

 

[SwampNut]

provable expenses is easy.... Ill be keeping a log every month anyways, that’s how it’ll be determined how much I get paid: mileage X $.56

good point on the electric... but it’ll be challenging those days when I’m driving over 300 miles considering the new lightening gets 230 max miles and the extended version only gets 300.

then the rivian starts at around 70k...

The lightning is a lame joke, but I'll probably replace the Gladiator with a Cybertruck. 500 mile range.

Be careful on the mileage, maybe I'm being pedantic, but if you profit at all it's income. IE, taxable. And if you use the truck for personal use you cannot deduct the entire cost of maintenance; you have to split it. I have a business and we deduct car usage; the accountant is super careful about this.

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