Hi, botXXXXX XXXXXne is that you can depreciate all equipment used in your business .. each under the rules for THAT vehicle/equipment piece
You're probably talking about section 179, that says you can depreciate certain thins all in the year placed in service
but as long as you use them both for business, one doesnt affect the othert
Vehicles used in your businesses qualify - but certain passenger vehicles have a total depreciation deduction limitation of $11,060, while other vehicles that by their nature are not likely to be used more than a minimal amount for personal purposes qualify for full Section 179 deduction.
Limits for SUVs or Crossover Vehicles with GVWR above 6,000lbsCertain vehicles (with a gross vehicle weight rating above 6,000 lbs but no more than 14,000 lbs) qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meet other conditions.
There's one last category ... the ones with NO limits
Many vehicles that by their nature are not likely to be used for personal purposes qualify for full Section 179 deduction including the following vehicles:
Still with me?
Looks like you're typing, from my end. I'll wait
yes i am, ok so I wrote off a vehicle for 2011 (3 yr depreciation) can I write off another vehicle for 2013? What are better examples of vehicles that qualify for the whole deduction?
Yes, again, how you depreciate one vehicle doesn't affect how you depreciate another vehicle ... they'll each qualify or not, based their use and vehicle type ... as far as the vehicle type they are in three categories (1) regular passenger vehicles (2) SUVs & Crossovers and (3) the very specific criteria I listed above (basically the ones that couldn't realistically be used for anything BUT business
(1) $11,060 limit
(2) SUVs or Crossover Vehicles with GVWR above 6,000lbs, $25,000
(3) the following three IRS descriptions:
And that last set of three basically ALL business use vehicles have no limit
so you can only write off up to $11,060?
If it's greater than 6000 lbs the limit is $25000
11060 is for regular (LESS than 6000 lbs) passenger vehicles
IF it cna be fit into one of those last three ALL business use vehicles there's NO limit
ok sounds good thank you
You're welcome ... glad I could help
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