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Hauling--Taxes--Powerstroke--$

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Craig

07-13-2004 19:30:56

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I'm going to retire in about 2 years at 55. Will collect an annual pension but will need some kind of part-time job. Was thinking about maybe hauling tractors once in awhile. I have a chance to buy a 2002 Ford 3/4 4 X 4 power stroke with only 13,000 miles on it. Was thinking about getting one in 2 years but this low miled truck is a rarity. So my question is: What will I need for insurance? What can I deduct for tax purposes { the truck }? Can I make any money at it? Was just kinda hoping to make alittle and be able to visit states I've never seen before. One more thing---the truck is loaded {Lariat} and is a cab and a half----is it worth $28,000? Thanks

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john in la

07-14-2004 18:18:22

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Re: Hauling--Taxes--Powerstroke--$ in reply to Craig, 07-13-2004 19:30:56

First off let me say that I am in no way telling you that you should do this just under the radar of the DOT BUT..... ...

To truck legally you pretty much need to do it all the time. To haul anything for profit across state lines you need a ICC# (interstate authority). To haul in state you need intrastate authority. To be able to get either one of these you need to have 1,000,000 in liability insurance. I do not think any one can afford this kind of insurance and truck part time.

In my personal opinion I would say most people that haul for profit part time are doing it with out proper authority and insurance. The DOT thinks you are hauling your own stuff. This works great because you get to charge rates that pay for this insurance with out the added cost of it. Then you get in a accident and the lawyers pick you apart piece by piece.

Now if you still want to know about trucking after reading this; post back and I will go into it.

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jdemaris

07-14-2004 05:35:22

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Re: Hauling--Taxes--Powerstroke--$ in reply to Craig, 07-13-2004 19:30:56

In my mind, I can't figure trying to make money by buying a used truck with 13K miles on it for $28,000 - but what do I know? It's more understandable if you truly desire something almost new just for new's sake. I've got several tow vehicles but I search for low-miled older trucks. A few months ago I bought a 1985 heavy F250 (8600 GVRW) with 4WD, extended cab, 8' bed, diesel engine, and 52,000 original miles on it and paid $2500 for it. If runs great, does all I want, but does not look "stylish" I guess. But, $2500 is long way from $28,000 and I doubt the newer truck can do much more than mine, and I doubt there's much difference in reliability. Many replacement parts, though, are cheaper for the older trucks. Just one example, price a water pump or injectors for the truck you're looking at and compare it to the 85. Amazing difference.

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bcPA

07-14-2004 00:15:39

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Re: Hauling--Taxes--Powerstroke--$ in reply to Craig, 07-13-2004 19:30:56

you may find that a 3/4 ton is a little light depending on how heavy the tractors are that you want to haul. There hase been much discussion here about when a cdl is necessary and log books and fuel taxes ect. I think a goose neck trailer which allows you to put 15 tp 20 % of trailer gross weight on trailer hitch is better way to go than pintle style which only allows 10 to 14% of trl wt on hitch. If you haul for the general public you are a public utility and the govt sticks there nose into whats going on more than if you own the cargo. ie puc # for instate moves and icc# needed for interstate moves. cargo ins in case tractor falls off or gets stolen ect. larger liability ins amounts required on truck and mileage and gallons of fuel records to be kept and reported. I was required to keep records of tool mileage seperate from other mileage and mileage state by state and the state could send license plate auditors to my home to check my math and charge me extra plate money if they did not like my numbers. This was for aportonated plates. You should not be heavy enough for that to apply to you but I would check first. sad but true working at mcdonalds will put more real cash in your pocket that the PROFIT from running a truck probally will.

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harley

07-13-2004 20:18:12

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Re: Hauling--Taxes--Powerstroke--$ in reply to Craig, 07-13-2004 19:30:56

You'll get to see some country, but take it from someone who is there, you won't make any money at it. Here in Missouri, if you go more than 150 miles, you have to run a log book, have a dot number since you are technically involved in interstate coimmerce you have to either pay state trip permits as you go, which are very expensive or file for a free IFTA sticker(Interstate Fuel Tax Administratioin) and then every quarter fill out the miles you ran in every state and the fuel you used in every state and the fuel you bought in every state, and all this at what these clowns out there want to pay per mile which is about 55 to 85 cents per mile. And this with fuel at what it is. SOOOOO, not to put a damper on your idea, because I had the same one, but now I just haul the tractors I buy and sell on Ebay. I've tried to get a photo ad on this site for two weeks now and it's like you have to have a degree in computer science to get it through. I gave up. Anyway good luck, Harley.

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txblu

07-14-2004 06:23:54

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Re: Re: Hauling--Taxes--Powerstroke--$ in reply to harley, 07-13-2004 20:18:12

Don't forget the $500 DOT fee per year and any kind of insurance will run you $700 per month for a million in liability.

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Ray,IN

07-14-2004 21:21:36

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Re: Re: Re: Hauling--Taxes--Powerstroke--$ in reply to txblu, 07-14-2004 06:23:54

There are many such small businesses that haul for RV mfgrs. The hauling schedule link(above left) may provide some help. contact any RV dealer and request a contact source for one. The hauling company should have current information and requirements. If you visit one of the RV forums and search the site you will find kindred spirits that are doing or have done this. If you have access to a "highways" magazine(Good Sam Club) they advertise in the classifieds section.

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