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Subject Author Date
New vehicle bought, want deduction, not depreciation steve 02-10-2008
Posted by Arthur Kamlet on February 12, 2008, 11:17 pm
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>
>The economic stimulus plan contains some enhancements to section 179
>for writing off more depreciation. Not sure of the details though.


Starting Jan 1 2008, Annual S 179 limit raised to $250,000
vs a ceiling of $800,000.


And all the recent work to get automatic inflation ajustments
in Sec 179 amounts has been dropped :-(
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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Posted by Arthur Kamlet on February 12, 2008, 11:14 pm
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>
>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.


Or even Salary on a W-2.

--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- >>
<< 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 dpb on February 11, 2008, 2:11 pm
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steve wrote:
> 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.
...

That would be a Section 179 election. You need to follow instructions
for and file a Form 4562

http://www.irs.gov/instructions/i4562/ch01.html

--

--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

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