PTO Mileage question

[Louis]

So if every hour is 35 to 37 miles on your van do you claim this on your taxes as mileage?



Thank You

 

[FB7777]

Form 4136 Off road fuel tax credit

I base my credit on annual machine hours times 1.5 gallons per hour

 

[Doug Cox]

2.5 gallons here.

 

[Newman]

Illinois also has a fuel tax refund, check with your state.

You may not claim the machine hours as equivalent mileage deduction. You can get the Federal Tax you paid for gasoline, per gallon, refunded because a percentage of the fuel consumed was not putting wear and tear on the fine streets you were driving on.

The first time I did it by the book, as my fired accountant told me to, wasted a lot of time, and the final number was as stated by Mr. Boyle, 1.46 gallons per machine hour for a White Magic Pro 1200

Dumbass way I did it by the book:
1) Go through every friggin gas receipt (I had 100 of them) and record the gallons of fuel purchased at each fillup, come up with number of gallons purchased for the year
2) Record miles driven by the truck for the year
3) Estimate on road MPG for your loaded truck (12 mpg Chevy 1 ton extended)
4) Subtract gallons used driving from gallons purchased
5) Enter machine gallons consumed on form 4136

 

[boazcan]

Illinois also has a fuel tax refund, check with your state.

You may not claim the machine hours as equivalent mileage deduction. You can get the Federal Tax you paid for gasoline, per gallon, refunded because a percentage of the fuel consumed was not putting wear and tear on the fine streets you were driving on.

The first time I did it by the book, as my fired accountant told me to, wasted a lot of time, and the final number was as stated by Mr. Boyle, 1.46 gallons per machine hour for a White Magic Pro 1200

Dumbass way I did it by the book:
1) Go through every friggin gas receipt (I had 100 of them) and record the gallons of fuel purchased at each fillup, come up with number of gallons purchased for the year
2) Record miles driven by the truck for the year
3) Estimate on road MPG for your loaded truck (12 mpg Chevy 1 ton extended)
4) Subtract gallons used driving from gallons purchased
5) Enter machine gallons consumed on form 4136

So, the final tax.deduction was what?

 

[Newman]

Caution. Claimant has the name and address of the person who sold the fuel to the claimant and the dates of purchase.

So just save your receipts and do it the easy way - 1.5 gallons per machine hour

1247 machine gallons x $0.183 = $228.20 total Federal fuel credit. State credit was close to the same number.

For 1 van in 2010:
10,819 miles on my van
@ 12 mpg = 901.6 gallons consumed driving
2148.39 gallons of fuel purchased
$6263.38 total fuel cost
$2.90 average price paid per gallon
852.5 total machine hours

 

[Louis]

$228.20 wow it sounds like you spent that in time to figurge that out. Does it count like mileage. $ off your taxes or $ off of your income. I have a pto with a 5.7 it drinks gas

 

[Ross Buettner]

What about a depreciated vehicle?

How do you deduct the gas used in a slide-in?

 

[FB7777]

Don't complicate this

Take your machine hours for the year (should have a maintenance log anyways). Determine how much fuel your TM uses per hour and you have you gallon usage

It's only a couple hundred dollars in taxes per TM .

 

[Ken Snow]

Re: Re: PTO Mileage question

Don't complicate this

Take your machine hours for the year (should have a maintenance log anyways). Determine how much fuel your TM uses per hour and you have you gallon usage

It's only a couple hundred dollars in taxes per TM .

X2 don't spend too much time on it. Even for us with dozens of units it is only about 3-4k a year I think.

Sent from my DROIDX using Tapatalk

 

[Clean Response]

You only get the taxes you paid back. The gas you still pay for.