title>Tax Guru-Ker$tetter Letter Wizard Animation

                 

Tax Guru-Ker$tetter Letter
Wednesday, November 29, 2006
 
Section 179 For Vehicles

Q:

Subject: Section 179 vehicle deduction
 
Hi Kerry, Thanks for the great web site!!!! I found it and have learned quite a bit from it.
 
Two questions I have regarding the deduction of vehicles weighing over 6k pounds:

  1. Can this deduction be used on the purchase of a “used” vehicle? Or is it only for new ones?
  2. If it is the purchase of a pickup with an open cargo area greater than 6 ft, does the $25k limit still apply?

Thanks in advance, I am planning on purchasing a commercial vehicle in 2007 and want to know the rules of Section 179.

 

A:

You really should be working with your own personal tax professional to see how to best utilize the Section 179 deduction for your particular case.

I have a page on my website devoted to the Section 179 deduction.

It includes answers to your questions:

Qualifying assets need to be new to you; not brand new.

The $25,000 maximum is only for SUVs.  Pickup trucks over 6,000 pounds aren't subject to that limit.

Kerry Kerstetter


Follow-Up:

Thanks for the info Kerry,

And thanks again for the very informative web site!

Have a happy holidays

 

 

 

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- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 11/29/2006 05:07:00 PM Send this post:

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