|
|
|
|
|
Posted by steve on February 10, 2008, 11:54 pm
Please log in for more thread options
New vehicle, want deduction, not depreciation..
I bought a new 9600 GVW utlity body truck for my sole proprietor
plumbing business in Dec 2007.
Instead of taking depreciation, I want to take the $32,000 off my
bottom line as a deduction on this years taxes. I paid for the vehicle
in full. I own it.
I am using Turbo tax home and business and onlty see in the ASSET area
where I might be able to do this.
Can I do this and list it as "other" in the asset area?
Thanks
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas, CPA on February 11, 2008, 11:01 am
Please log in for more thread options
> New vehicle, want deduction, not depreciation..
>
> I bought a new 9600 GVW utlity body truck for my sole proprietor
> plumbing business in Dec 2007.
> Instead of taking depreciation, I want to take the $32,000 off my
> bottom line as a deduction on this years taxes. I paid for the vehicle
> in full. I own it.
> I am using Turbo tax home and business and onlty see in the ASSET area
> where I might be able to do this.
> Can I do this and list it as "other" in the asset area?
Don't have a clue why you think the vehicle isn't an asset. That is where
it should be listed, and that is where you'll take Section 179 - which is
nothing more than accelerated depreciation - to expense the vehicle.
FWIW: Section 179 is limited to profits in the business.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on February 11, 2008, 2:14 pm
Please log in for more thread options wrote:
> Don't have a clue why you think the vehicle isn't an asset. That is where
> it should be listed, and that is where you'll take Section 179 - which is
> nothing more than accelerated depreciation - to expense the vehicle.
>
> FWIW: Section 179 is limited to profits in the business.
The economic stimulus plan contains some enhancements to section 179
for writing off more depreciation. Not sure of the details though.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas, CPA on February 11, 2008, 2:22 pm
Please log in for more thread options
> wrote:
>
>> Don't have a clue why you think the vehicle isn't an asset. That is where
>> it should be listed, and that is where you'll take Section 179 - which is
>> nothing more than accelerated depreciation - to expense the vehicle.
>>
>> FWIW: Section 179 is limited to profits in the business.
>
> The economic stimulus plan contains some enhancements to section 179
> for writing off more depreciation. Not sure of the details though.
Even so. Section 179 applies to ~assets~.
One thing you don't want to do is try to expense out an asset purchase in
some other manner than regular depreciation or through Sect 179.
The IRS has reclassified asset purchases that were buried in repairs, office
supplies, etc, and by the time that gets done, it's too late to claim Sect
179, and you're stuck with regular depreciation.
So record the purchase as an asset (as it should be) and if possible, take
Section 179 or whatever other depreciation incentives are allowed.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Harlan Lunsford on February 11, 2008, 6:10 pm
Please log in for more thread options removeps-groups@yahoo.com wrote:
> wrote:
>
>> Don't have a clue why you think the vehicle isn't an asset. That is where
>> it should be listed, and that is where you'll take Section 179 - which is
>> nothing more than accelerated depreciation - to expense the vehicle.
>>
>> FWIW: Section 179 is limited to profits in the business.
>
> The economic stimulus plan contains some enhancements to section 179
> for writing off more depreciation. Not sure of the details though.
>
Sure it does, but that applies to tax year 2008.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Vehicle Depreciation and Rental Property | February 12, 2007, 1:01 am |
| Bought/Sold a car within a year in Massachusetts | November 13, 2006, 7:49 pm |
| Bought out partner- how do I adjust basis? | April 9, 2008, 7:34 pm |
| Hybrid Vehicle Tax Credit | March 30, 2007, 3:56 am |
| Re: Hybrid Vehicle Tax Credit | March 30, 2007, 10:46 pm |
| Vehicle Interest Expense | April 17, 2006, 12:05 am |
| Depr Exp - Asset Bought & Sold in Same Tax Year - Allowed? | February 25, 2007, 4:41 am |
| S Corp & Taxes on Hybrid Vehicle | November 25, 2007, 9:24 am |
| Bought 1000 shares of a stock, sold off in two 500 share loads at 2 diff times | April 16, 2007, 6:26 pm |
| Transfer Business Vehicle From One Business To Another | June 12, 2006, 9:18 pm |
|
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap