Oh boy..haha...I rechecked my figures, I did make a mistake hopefully this makes more sense.
Purchased veh #1 $20k, veh #2 $20k, veh #3 $15k
I have new (used equip) 2011 vehicle purchases of $55,000.
I am claiming $55,000* Section 179 on my Federal.
*$20k + $20k + $15k = $55,000
I have $500 in Section 179 for a listed vehicle (personal & business)
I am claiming $25,000** (the limit) Section 179 on my State
**$20k + 0 + $4,500k = $24,500 PLUS the $500 above for listed
Therefore, for the State I will be taking $25k in Section 179......
I will depreciate vehicle #2 for $20 (no section 179 already taken) and
depreciate vehicle #3 for $10,500 ($4,500 section 179 already taken).
I hope that makes sense...I will come back online tomorrow...thank you!!!
thank you so much...looking at figures all day and it's all becoming a blur, thanks for the clarification, I appreciate so much. Wonderful service.