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Best Answer Click here
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Sorry - Long Haul Over the Road Tractor Trailer
They have a fleet of tractor trailers and don't provide the mileage per truck.
They are a schedule C so Asset entry is not giving option for over the road tractor trailers
Vehicle worksheet wants mileage per vehicle.
I listed them all on the asset entry form and used "other" as depreciation method and input all the information myself.
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Class 8 (Typical 5 axle semi tractors) or over the road tractors are 3 year property. Select other then fill in the blanks. Most people put these as 5 year property. The trailers are 5 year property.
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The end result will be the same, so that works.
Personally, I would use the vehicle worksheet and just ask the client how many miles each vehicle is driven each year. They must have the records.
But again, entering it as a non-vehicle asset and entering other costs elsewhere will end up with the same end result on Schedule C.
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I thought they are required to maintain logs.
Don't yell at us; we're volunteers
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They would have mileage records for fuel tax reports and IFTA license if they travel outside of their domicile state. You may want to think things through. I believe you would be giving up your operational expenses. Depreciation, fuel, repairs, tire expense, etc. should be more than the mileage deduction.
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Thanks, They have 15 trucks, all the fuel, tries, insurance repairs and other expenses are all recorded together on the schedule C . Asking for the mileage on each truck and recording each on a seperate vehicle worksheet for just the depreciation deduction seemed redundant when the depreciation deduction was all I needed. I had recorded then on the asset list and used the "Other" option and listed the information myself. Was just looking to see if others had an other options or a reason my solution was not going to be ok.
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Thanks for the reply _ This is exactly I had done. Deadline has me double guessing everything. Verification appreciated.