CAN I RECORD ROAD TRACTORS ON THE ASSET SCHEDULE INSTEAD OF VEHICLE WORKSHEET FOR A SCHEDULE C THEY OWN A FLEET OF VEHICLES - IT IS OBVIOUSLY 100%

[Just-Lisa-Now-]

What exactly is a "road tractor"? You mean like a piece of equipment that's used off-road?

[lhaddixcpa]

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.

[meoleson · Accepted solution]

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.

[TaxGuyBill]

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.  

[qbteachmt]

I thought they are required to maintain logs.

[meoleson]

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. 

[lhaddixcpa]

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.

[lhaddixcpa]

Thanks for the reply _ This is exactly I had done.    Deadline has me double guessing everything.  Verification  appreciated.