Thanks TaxGuyBill...very helpful! After I sent my question I realized that Section 179 may not be the best option so we will definitely take a look. Just wanted to know if that was an option or not. His business will be open by the end of the year....we just don't expect to have much income. Also, the truck will likely exceed 6K pounds...but the one he wants has a bed length of 5'7" If we go standard depreciation would that typically be over 5 years? So....$50K / 5 years life of asset = $10K x 75% business usage = $7,500 depreciation (roughly). We don't have to further multiply that by 50% due to my 50% ownership, do we? Again, we file jointly.
