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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1835
Experience:  Certified Public Accountant
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I own an HVAC company in South Carolina and considering the

Customer Question

I own an HVAC company in South Carolina and considering the purchase of a new work truck to take advantage of the first year depreciation option to offset some of my income in 2016. How does that option work and what is in the fine print.
Submitted: 9 months ago.
Category: Tax
Expert:  Mark Taylor replied 9 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a few moments to prepare your response.

Expert:  Mark Taylor replied 9 months ago.

You are referring to section 179 expense. Section 179 is essentially accelerated depreciation that allows you to write off the purchase of certain assets as long as you meet other income requirements.

The are specific requirements to qualify for the full section 179 expense for vehicles. Many vehicles

by their nature are not likely to be used for personal purposes qualify for full Section 179 deduction including the following:

  1. Heavy “non-SUV” vehicles that have a cargo area at least six feet in interior length. The cargo are must not be easily accessible from the passenger area. An example would be pickups with full-sized cargo beds, however some "extended cab" pickups may have beds that do not meet the six foot requirement.
  2. A vehicle that seats 9+ people. An example would be a shuttle or van.
  3. Vehicles that have a fully enclosed driver compartment / cargo are, that have no seating at all behind the driver, an do not have a body section protruding more than 30 inches ahead of the leading edge of the windshield. A cargo van is a typical example.