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Discussion in 'Business Fundamentals' started by Crodog, Nov 19, 2005.

  1. Crodog

    Crodog Junior Member
    Messages: 23

    what are you considering the "useful" life of your plow and truck. how many years can you depreciate each? is it based on hours? miles? years?


  2. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    Light duty trucks, which will probably include your plow truck has useful life of four years and can be "amortized" (depreciated) over a 60 month period. Be careful of calling it five years because it's figured from the date placed in service so may only be for a few months the first and last years. You may also use Section 179 which allows you to deduct the full cost of the vehicle in the year of purchase, but cannot be used if you have a negative income. With Section 179 there would be no further depreciation.

    (Disclaimer - I am not a tax advisor in any shape or form) - contact a local tax advisor or accountant.