- December 1, 2017 at 12:31 am #127729
Thanks for all the info on this site. I just need some clarification of rule 179. Next year I plan on buying a new or used truck for my landscaping business. It says in some sections of rule 179 that you can deduct 100% of the cost, but under the limitations of vehicles it states $11,500 for my work truck purchase. This truck is over 7,000lbs gvw if that matters(1 ton truck, F350 Ford).
I just need to know if I should buy used because of the max deduction of 11,500 OR buy new because I misread possibly and can deduct the total price of a brand new truck at $40k approx.
Thanks !December 1, 2017 at 1:01 am #127733
There is a limitation of the amount of section 179 deduction that you can take for a vehicle. For a vehicle that weighs between 6,000-14,000 lbs you can qualify for a maximum deduction of $25,000. Check out our Section 179 Deduction guide to learn more about how to qualify for this deduction: https://fitsmallbusiness.com/section-179-deduction/.
Thanks for reading!
All the Best-