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Deductions & credits
Maybe I am asking the question the wrong way. I understand I will be able to take the full allowable 179/bonus deduction on the new car regardless. How do I figure out the tax implication of selling the old one? I took section 179 on the old one but two years have passed. Not sure how that works as compared to having just taken each year's depreciation as it came.
Ultimately trying to figure out out if it makes sense to buy a new vehicle this year or if the section 179 from the old car wipes out most of the advantage for now.
‎October 28, 2020
5:03 PM