abs96
Level 3
04-14-2025
04:29 PM
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It is my understanding that leased vehicles over 6000 lbs can take a Sec. 179 - limit of $30,500 but cannot take depreciation if using actual expenses which includes lease payments, insurance, fuel, etc.
In order to take the Sec. 179 you must complete an asset entry worksheet. It asks to complete the depreciation and calculates an amount which I cannot deduct if my thinking is correct.
I have also completed a car/truck expense worksheet which is where it asks if the vehicle was leased. It does not ask if the vehicle was leased on the depreciation asset entry worksheet.
If I have to complete the depreciation information, what depreciation is used for vehicles over 6000 lbs? MACRS - 5 yrs - 200% DB or 150% DB or neither of these.
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