Quote:
Originally Posted by SpeedFreak
I am trying to get some concrete specifics down regarding the Section 179 discount, and bonus depreciation.
I cannot find anywhere where it specifically states that it can only be applied to new vehicles. What I do see is it stating "new to you" so technically if I'm reading correctly, used cars apply as well.
Also, with regard to the 6000lb GVWR ruling, it states that "Limits for SUVs or Crossover Veicles with GVWR above 6000lbs - Certain vehicles with gross vehicle weight above 6,000 lbs qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meets other conditions."
So my question is, how are you doing 100% of the vehicle price, or are you instead at the specified $25,000?
|
I have used Section 179 twice now. The vehicle has to be "new to you", not necessarily brand new. There haven't been any changes to the guideline with the exception of them extending it until 2019 with a phase out starting next year on the amount of depreciation you can take. The bonus depreciation has always been in place and allows you to take 50% off the top, not the entire thing. Then small chunks every year after. You There are no incentives for a brand new vehicle. It just has to be "new to you".