Announcement

Collapse
No announcement yet.

Section 179 Deduction on Truck purchased in 2016

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Section 179 Deduction on Truck purchased in 2016

    I have a truck costing $42,000 and want to apply as much Section 179 expense as possible. Am I correct that the maximum depreciation deduction for
    trucks and vans is $11,560 if placed in service in 2016? If my business usage is 70%, isn't my Section 179 expense $8,092? My tax software is not
    accepting this amount, thus the question. Thank you.

    #2
    I assume the vehicle is under 6000 pounds?

    If I remember correctly (which is not always the case), the way my software works it limits ยง179 or the Special Depreciation Allowance to $8000, and the rest of the $3560 goes to 'regular' depreciation (for a total of $11,560 for a 100% business vehicle).

    You may want to see if that works for you (after multiplying by the business percentage).

    Comment

    Working...
    X