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belairbobs
New Member

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

 
6 Replies
tagteam
Level 15

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

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).

 

 

Patrpatr11
New Member

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

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

Patrpatr11
New Member

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

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?

tagteam
Level 15

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

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

Patrpatr11
New Member

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

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?

Patrpatr11
New Member

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

Thank you so much!

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