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Schedule 179 tax deduction

clayp

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clayp Enthusiast

clayp

Posted
Posted

FYI having just done my taxes the .gov makes a distinction that only trucks with a cargo bed of 6' or longer qualify for the full deduction of the sales price of the truck. So short beds do not get the same deduction as the standard or long beds

krzyd Enthusiast

krzyd

Posted
Posted

FYI having just done my taxes the .gov makes a distinction that only trucks with a cargo bed of 6' or longer qualify for the full deduction of the sales price of the truck. So short beds do not get the same deduction as the standard or long beds

Did you have to enter the vin? If not I'd ask for forgiveness at audit. :driving:

MotoMedic Senior Enthusiast

MotoMedic

Posted
Posted

Only deductible if it's used for 50% or greater business use.

 

Complete write off is for tangible personal property used solely in a trade or business.

If business & personal use, you may depreciate the cost of truck, though the amount is determined by several factors (type of vehicle, gross vehicle weight, percentage of business usage, etc.).

Plwtwo Enthusiast

Plwtwo

Posted
Posted

I've never been asked what the vehicle was, just what it was used for and length of time in service, and if other vehicle is available during non-business hours.

MotoMedic Senior Enthusiast

MotoMedic

Posted
Posted

I've never been asked what the vehicle was, just what it was used for and length of time in service, and if other vehicle is available during non-business hours.

Me either. Traditionally the GVWR (+- 6000 lbs when I last looked) was a factor but not bed length. But they do constantly tweak the tax code at the behest of lobbyers, so don't know what it says for 2013 tax year.

rt66er Enthusiast

rt66er

Posted
Posted

This has been a stipulation since they instituted the bonus depreciation several years ago. The logic was that people were 179ing their $70,000 Escalades as work trucks, so they made the distinction between trucks and SUVs as a bed at least 6 ft. in length.

  • 2 years later...
muddkatt Senior Enthusiast

muddkatt

Posted
Posted

I dug up this post from the past. I am trying to finish my taxes and if I understand the section 179 correctly, I can not apply it to the short bed crew cab. If this is the case, I would have bought a standard bed truck. :mad: Does anyone KNOW for sure whether this truck qualifies for any portion of the section 179, or should I say screw it and just take the mileage? Last thing I need is an IRS audit, but damn it I was planning on that deduction.

muddkatt Senior Enthusiast

muddkatt

Posted
Posted

Since this has been posted in public, don't dare take the credit. Someone here will want the reward for turning you in. IRS does pay up for info like this.

 

Oh Hell no, I thought I was clear when I ask the question. I am just confused about how much if any can be taken on a CCSB truck. I sure would have went with a standard bed truck had I known it made ANY difference. I don't buy trucks very often for my business use, and this one is not working out as planed regarding my tax situation.

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