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Trucks vs SUVs
As with any new tax law, the result is confusion among the public and the professional tax practitioner community, such as in this email I recently received.
I just ran across your website. Can I ask you a question?
I just purchased a Ford F350 Super Duty Diesel Truck. The price was $29,000. Can I deduct the whole amount on SEC 179 for this tax year? My CPA said it has to weigh over 14,000 lbs. Does that count for vehicles that are not SUVs?
Thanks.
My reply:
The new law restricting the Section 179 deduction to $25,000 and setting a new weight limit of 14,000 pounds for a higher deduction, only applies to SUVs.
I posted the actual text of the new law spelling this out on my blog a few months back:
http://www.taxguru.net/2004/10/wait-is-over.html
You should pass this along to your CPA.
Kerry Kerstetter
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 12/08/2004 12:33:00 PM Send this post:
