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It’s one of the most common questions I get from contractors —“George, should I buy my truck under my business or just keep it in my personal name?”

It’s one of the most common questions I get from contractors —“George, should I buy my truck under my business or just keep it in my personal name?”

Here’s the short answer 👇

Putting it under the business:➕ You can deduct everything — payments, fuel, insurance, repairs, and depreciation.➕ Easier recordkeeping (all business).🚫 The business owns it, so personal use becomes a taxable fringe benefit if you use it off the job.🚫 Higher insurance and registration costs in some cases.

Keeping it personal:➕ You can still deduct the business use — either by mileage (IRS rate: 70¢/mile for 2025) or actual expenses.➕ You avoid the fringe benefit issue.🚫 You’ll have to track miles carefully to prove business use.

TLDR:

If the truck is used mostly for business (say 80%+), putting it under the business makes sense.If you use it for work and weekend runs to Costco or kids’ soccer — keep it personal and claim mileage.

Either way, the key is documentation — log your miles and know your use.