topic Will I be able to take the 179 deduction for vehicle purchase? in Deductions & credits

Will I be able to take the 179 deduction for vehicle purchase?

belairbobs — Fri, 10 Jan 2020 17:38:55 GMT

Re: Will I be able to take the 179 deduction for vehicle purchase?

Anonymous_ — Fri, 10 Jan 2020 17:56:53 GMT

That is dependent upon income and the type of vehicle.

For SUVs and other vehicles rated at more than 6,000 pounds but not more than 14,000 pounds, the Section 179 limit is $25,000 for the 2019 tax year.

You also need enough taxable income from an active trade or business to cover the deduction (e.g., the Section 179 deduction amount is limited to the amount of your taxable income).

Re: Will I be able to take the 179 deduction for vehicle purchase?

Patrpatr11 — Wed, 11 Mar 2020 14:46:08 GMT

I paid $11,000.00 for the truck. Does the $25,000.00 deduction still apply anyway?

Re: Will I be able to take the 179 deduction for vehicle purchase?

Patrpatr11 — Wed, 11 Mar 2020 14:52:04 GMT

Since I only paid $11,000.00 for the truck, do I take the full $25,000.00 or the actual amount I purchased the truck for?

Re: Will I be able to take the 179 deduction for vehicle purchase?

Anonymous_ — Wed, 11 Mar 2020 14:55:48 GMT

You cannot take a deduction for more than you paid for the vehicle.

Re: Will I be able to take the 179 deduction for vehicle purchase?

Patrpatr11 — Wed, 11 Mar 2020 14:58:59 GMT

Is anybody there? I only paid $11,000.00 for the truck . Is that the amount of my 179 deduction? or is it the $25,000.00 limit the correct deduction?

Re: Will I be able to take the 179 deduction for vehicle purchase?

Patrpatr11 — Wed, 11 Mar 2020 15:00:24 GMT

Thank you so much!