Taking standard deduction on two trucks?

Question

A self-employed individual owns two trucks that are leased on to a carrier. Can he claim two standard deductions on both trucks? Even if the carrier covers the cost of fuel?

standard deduction was the wrong way to put it. It's standard mileage rate vs. actual expenses. and fuel is the only thing the carrier is covering.

Answer 1

He can claim his business expenses and has to report the lease income. If the lessee pays all of the operating costs and maintenance, his expense will probably be limited to depreciation and any interest expense related to their purchase.

There is no such thing as a "standard deduction" for a truck.

Addendum: He can claim the actual expenses only. Maintenance, depreciation and interest basically. Since the fuel is paid by someone else, he can't claim the mileage rate. He must claim the lease payments he received as income.

The lessee claims the fuel cost plus the lease payments only. He cannot claim the mileage rate either.

Answer 2

A vehicle used for hire cannot use the standard mileage rate. Always. Period.

-- A Damn Fine Tax Advisor