Can I deduct the whole price of a day cab truck?

[KvQtzl]

Hello everyone,

I bought a Mack day cab truck on June 2021 for $55,000  the truck weighs 65,000 lbs and I would like to know if it is possible to fully depreciate it with section 179 in 2021?  

Thank you a lot.

[Mike9241]

if you are an employee, no deduction at all.

if self-employed the truck gets entered on schedule C. what you can deduct is the cost times the % business use. however, the deductible portion of section 179 is limited to business income. you'll need to review form 4562 to see how this works.

[Vanessa A · Accepted solution]

Yes, as long as you had a profit of more than the $55,000 you paid for it, you can deduct it. The current section 179 allows you to deduct up to $1,050,000 as long as it is placed in service prior to Jan 1, 2023. 

After you enter your business income, you will enter your Truck information under vehicles.  You will get to a screen that says How much do you want to deduct for the business use of this vehicle?  If you want to take the full section 179 deduction you will enter it there. 

[KvQtzl]

Thank you very much!

[KvQtzl]

Thank you a lot!

[KvQtzl]

Another question, if you don't mind.

If I depreciate the whole truck amount in 2021, will I be able to claim the Car & Truck Std Milleage in 2022?

TIA

[Vanessa A]

No, you cannot take depreciation and the standard mileage deduction.  If you depreciate the truck fully, or use any method of depreciation other than straight line, you will need to use actual expenses from then on out.