taxdude057 Posted August 14, 2011 Report Posted August 14, 2011 I have a client that purchased a suv to use for his personal training business. He want to show this as a business expense. Not neccassarily a capital expenditure so how do I show the $15,195 he paid for the truck? Thx in advance... Quote
OldJack Posted August 14, 2011 Report Posted August 14, 2011 Most likely you show it as a personal nondeductible asset and allow standard business mileage if he can justify any... [which is doubtful]. Quote
taxdude057 Posted August 14, 2011 Author Report Posted August 14, 2011 Most likely you show it as a personal nondeductible asset and allow standard business mileage if he can justify any... [which is doubtful]. Thx Jack!! I pretty much figured that much but never can be too sure! :) Quote
jainen Posted August 16, 2011 Report Posted August 16, 2011 >>purchased a suv to use for his personal training business<< Did it come with training wheels? Otherwise, I agree with OldJack. In any case, it is capitalized. The depreciation component of standard mileage is 23 cents. Quote
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