HI,
I have started new logistic LLC this year and will be buying truck within next 1month. I am planning to pay in full for the truck and there will be no income for this year. I have another S-corp (99% my name, 1% wife's name) which is generating some income and have W2 income from my and wife's salary (not from my S-corp).
Question - Can I deduct full amount of truck's price towards S-corp? (I doubt as S-corp is considered as a different entity). Can I deduct full amount from our W-2s? (I file jointly with my wife)
Hypothetical number:
S-corp income- 200k , expense- salary - 30k for employee(part time,8hrs a week), 60k for myself, other expenses- 40k. Profit: 100k
W2 income - 250k in total (2x W2s)
new LLC- no income, no employee (single member, only on my name(i can add wife if required)), expenses- 100k for truck, 20k other.
Can I take 100k deduction under 179 towards S-corp income? if not, can I take it towards my person income?
Should I? or I should go with partial deduction for the truck?
