My realtor client (who has no clue the time I must put into her extension just to be sure she pays enough in advance, argggg) bought a new car last November for her real estate business. $45k total.
I am not real confident when it comes to expensing cars, as I take mileage for almost all of my clients, or I do simple depreciation.
I would like to take the max sect 179 on her new car, and I thought I could take 90% (I never take 100%) of the price of the car as sect 179.
I'm looking at the worksheet on TTB 10-2 "maximizing section 179-Autos" an dit looks like this:
L 1- 45,000
L2- 40,500
L3- (Mid qtr special dep'n claimed? Is that what I'd do to get the max deduction? 40,500 X .525?) 21,060?
L4- 0
L5- 21,060
L6- 44,337?? (21060 / 0.475)
My Sweet Lord! Could this GET any more confusing? Or am I making it confusing?
I am not real confident when it comes to expensing cars, as I take mileage for almost all of my clients, or I do simple depreciation.
I would like to take the max sect 179 on her new car, and I thought I could take 90% (I never take 100%) of the price of the car as sect 179.
I'm looking at the worksheet on TTB 10-2 "maximizing section 179-Autos" an dit looks like this:
L 1- 45,000
L2- 40,500
L3- (Mid qtr special dep'n claimed? Is that what I'd do to get the max deduction? 40,500 X .525?) 21,060?
L4- 0
L5- 21,060
L6- 44,337?? (21060 / 0.475)
My Sweet Lord! Could this GET any more confusing? Or am I making it confusing?
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