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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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how do i deduct a new velicle (SUV under 6000 lbs) can i still

Customer Question

how do i deduct a new velicle (SUV under 6000 lbs) can i still use section 179
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.

Hello and thanks you for using Just Answer. The total depreciation deduction (including the section 179 deduction) you can take for a passenger automobile (that is not a truck or a van) you use in your business and first placed in service in 2008 is $2,960 ($10,960 for automobiles for which the special depreciation allowances applies). The maximum deduction you can take for a truck or a van you use in your business and first placed in service in 2008 is $3,160 ($11,160 for trucks or vans for which the special depreciation allowance applies).

 

These limits are reduced if the business use of the vehicle is less than 100%

Customer: replied 8 years ago.

i think i understand the basic section 179 to deduct my 2 vehicles purchased both totally about 21,000. what is the fee to have you do a 4562 since i am clueless about MACRS depreciation, etc. to get the added depreciation deduction benefit?

Expert:  Marvin,EA replied 8 years ago.
I am sorry but experts are not allow to prepare tax returns for clients. You can go to www.naea.org and click on "Find a EA" or www.hrblock.com to find someone prepare your Form 4562.
Customer: replied 8 years ago.

i'll keep it simple & just take the one time 179 expense deduction for both vehicles

 

Expert:  Marvin,EA replied 8 years ago.
The total 179 deduction will be $10,960 for 2008.
Customer: replied 8 years ago.
why only 10,960 & not the total for both vehicles, since it's under the 25,000.00 limit?
Expert:  Marvin,EA replied 8 years ago.
If the vehicles' weights are under 6,000 pounds the total 179 deduction is $10,960
Marvin,EA and 3 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
thanks for your help