Question: Can the entire amount of the truck be deprecated in the current year using section 179 deduction?

gman_200190011 · ‎June 6, 2019

Purchased a new F-150 super crew cab pickup truck in 2017 for $33,000. My business was legally formed January 2017. I'm reporting a net loss due to startup cost, depreciation, expenses etc... Question: Can the entire amount of the truck be deprecated in the current year using section 179 deductions? Or is there a cap/limit on the amount allowed to deduct in the 1st year due to the expense being a vehicle and the business filing a net loss. I use this vehicle 100% of the time for my business.

KrisD · ‎June 6, 2019

No, as reported by the journal of Accountancy March 2017 “The IRS on Friday issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29).

For trucks and vans, the limit is $11,560 for the first tax year if bonus depreciation applies and $3,560 if it does not apply.”

https://www.journalofaccountancy.com/news/2017/mar/2017-car-depreciation-irs-inflation-adjustments-2...

Question: Can the entire amount of the truck be deprecated in the current year using section 179 deduction?

Deductions & credits