Section 179 on a new vehicle, but still taking the mileage on old vehicle

[krennpowersports]

I have a van I've used this year for my business. I always take the mileage deduction.  I am considering buying an additional van for 100% business use before year end.    Can I take the milage on my 1st van (I am keeping it also, not selling or trading) and take the full amount of the new one using the section 179 (est $70-80k) if I buy it and use it before the end of the year?

[Anonymous_]

@Mike9241 

[Mike9241]

sure.  

however, depending on the type of vehicle, depreciation may be subject to the luxury auto limits

see IRS pub 463 page 16. this is the 2021 version. limits are slightly higher for 2022.

https://www.irs.gov/pub/irs-pdf/p463.pdf 

if you use actual expenses in the first year for any vehicle you can not switch in later years to the standard mileage method.