Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van? I need a big deduction. Can I write off the whole thing?
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I have been to many sites – and even the IRS site is different.
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I thought it was ,000 last month when I looked; now it’s saying ,000.
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”
Dear Jared,
It’s pretty simple really. But I can see why you’re confused.
You are entitled to the $25,000 Sec 179 limit only with vehicles with a gross weight over 6,000 pounds (unladen, i.e. without cargo) – with certain exceptions.
The lower, $3,160 limit is with light trucks, under 6,000 pounds gross weight.
However, when a truck’s gross weight exceeds 14,000 pounds, you may use Sec 179 up to its limit of $500,000 (for 2010 and 2011), as long as your total vehicle and equipment purchases are under $2 million.
Now isn’t that more than you ever wanted to know?
And remember, you can find answers to all kinds of questions about depreciation and other tax issues, free.
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Where? Where else? At www.TaxMama.com.
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