Owner financing

[Tennesseahawk]

Hi Frank,
How would the deductions go if I'm buying equipment with owner financing? My current truck is owned by someone still paying it off. I'm assuming I can't deduct that one cause he is. The second truck is owned outright.
Thanx
T-Hawk

 

[Fkatz]

Hi tennessehawk,

I just forgot to answer your question and I am VERY sorry, as far as the first truck, true,no u cannot deduct due to the fact that you do not own it , My Question is to the 1st truck DID YOU DRIVE THAT TRUCK AT ANY TIME??? if you did, you may deduct the expenses that you incuured for that truck.

BUT YOU CAN DEDUCT all of the expenses that you were not reimbursed for.

Frank