My son has been taking a mileage deduction for his used truck for the last 3 years, driving about 30,000 miles each year as a self-employed fisherman. He is considering paying off the truck ($18,000) and had to spend $5,000 on repairs in 2022. Can he take the payoff and repair expenses as deductions instead of mileage? He also has property taxes, mortgage interest, lodging, meals, etc., and is considering itemizing deductions.

March 17th, 2024

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December 29th, 2024

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May 11th, 2024

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March 31st, 2023

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October 23rd, 2023