turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is the 179 deduction standard rate in which it would not matter how much in dollars I can deduct, rather it is a set amount for everybody?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KrisD
Intuit Alumni

Is the 179 deduction standard rate in which it would not matter how much in dollars I can deduct, rather it is a set amount for everybody?

No, the 179 deduction, if the asset is eligible, allows you to take up to the full purchase price in the year the asset was purchased and placed into service. 

So if you purchased a vehicle for 25,000, you can depreciate it over 5 years, or take up to 25,000 the first year. Remember that if you take the full 179, there will be no value for depreciation to be taken the following years, and if you sell the asset, you will need to claim capital gains on that sale price. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies