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Posted by Charlie on February 26, 2008, 11:04 am
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Hello there,
Correct me if I'm wrong, but my understanding about Section 179 tax
code is that we need to buy brand new SUV (6000 plus lb) to qualify
for the $25K Bonus dedication plus the 20 % depreciation deductions
for the first year
We are planning on buying pre-owned SUV (6000 plus lb) i.e. between
2005 - 2007 year model and will be using primarily for business
purpose. Will we be able to depreciate 100% of the value of the pre-
owned SUV and whether it will also qualify for the $25K bonus
dedication
Can someone help me understand the new Stimulus Package
-Businesses could expense up to $250,000 of qualifying Section 179
equipment purchases. That's almost double the current 2008 allowance
of $128,000.
-A 50% bonus depreciation would be available to businesses for the
purchase of qualifying new equipment purchases.
Thanks
-Charles
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