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I have a question about section 179 and vehicles. We are…

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I have a question about section 179 and vehicles.

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We are looking to purchase a vehicle for use in our business. I am trying to figure out if the Ram Promaster 1500 City qualifies for the 179 deduction. The Ram website says it does, but the GVW is under 6,000 pounds so it seems like it wouldn't. Also want to know the impact on my taxes and whether or not it is worth it to go for a bigger vehicle.

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Submitted: 8 months ago.Category: Tax
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Answered in 1 minute by:
9/17/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,199
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

Please bear with me for a minute while I type up my initial response, and then we can go from there if you have further questions on this

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Any vehicle used more than 50% in business qualifies for the §179 deduction that lets you accelerate depreciation on a vehicle into the first year used in business. What varies is the limit (based on the type of vehicle).

...

  • For regular cars and trucks under a GVWR of 6000lbs, the limit is 11,060.
  • For SUV's and crossovers 6000lbs GVRW and over the limit is 25,000
  • For vehicles that by their nature are not likely to be used for personal purposes qualify for full Section 179 deduction, such as Heavy “non-SUV” vehicles with a cargo area at least six feet in interior length

...

Another limit that might apply to section 179 is the business income limit. We can't use the deduction to reduce OTHER household income on the return. The deduction can only take taxable profit to zero (BUT can then be carried over)

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