title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Sunday, February 12, 2006
 
SUV & Sec. 179

Q:

Subject: section 179

Hi,

I’m thinking of purchasing a new vehicle in 2006 (no SUV)

I’m self employed realtor.

Is there still a bonus depreciation (exta$) deductible on 2006 returns?  I think you can write off a lot in the first 3 years but I’m not sure.

Thanks

A:

You really should be discussing this with your own personal tax advisor.  If you are trying to operate as a professional Realtor without a professional tax advisor, you are asking for big trouble.  Buying a new vehicle just for tax breaks would be a big mistake.  Don't make matters worse by trying to do this on your own.

I assume that you are looking at buying a lighter weight vehicle. The maximum Section 179 for a vehicle under 6,000 pounds is much lower than for one over 6,000 pounds.

I have this all explained on my website.

but only a qualified tax pro will be able to give you more specific numbers for your situation.

Good luck.

Kerry Kerstetter

 

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- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 2/12/2006 01:19:00 PM Send this post:

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