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Deductions & credits
Thanks for that link. I'm not clear what distinguishes the 2020 law re: 1st yr vs prior years except for the allowable limits. Again, the type of vehicle which in my case is a cargo van is really irrelevant to the essence of my question, the placed in service date within the given tax year I'm claiming he deduction. I'm not concerned with details of deduction limit, vehicle type, %used for business or purchase price at the moment. This article still doesn't really address that. "The Tax Cuts and Jobs Act (TCJA) allows unlimited 100% first-year bonus depreciation for qualifying new and used assets (including eligible vehicles) that are acquired and placed in service between September 28, 2017, and December 31, 2022". The background is that I have a relatively large tax liability this year from business income and I've been shopping for a vehicle for biz use. I'm simply trying to determine whether purhasing a vehicle between now and end of 2020 represents a potential significant 2020 deduction. As I mentioned initially, playing around with PIS dates in TT seems to imply that if I were to purchase and PIS, the last week of December this year, which is a practical possibility, the section 179 the 2020 deduction would be negligible, whereas if I had placed in service at the beginning of the year it would be significant. I hope I've clarified the scenario and the essential question.