Contractors Schedule

By admin, February 26, 2010 6:23 pm

How do I apply yearly depreciation for my tractor trailer on a form 1040 schedule c?

I am an independent contractor and I receive 1099 .I deduct all expenses such as fuel,tools,repairs,maintenance. can I also use standard mileage reduction. I am using Turbo tax and this area gets a little confusing

Depreciation is complicated. Tractor trailers are 5-year property, under “GDS”.

Read this:
Publ 946 How to Depreciate Property

http://www.irs.gov/pub/irs-pdf/p946.pdf

http://www.irs.gov/pub/irs-pdf/i4562.pdf

miami general contractors


www.homedepot.ca

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