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New Member
posted Jun 4, 2019 5:55:27 PM

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?

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Intuit Alumni
Jun 4, 2019 5:55:28 PM

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.