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All Types of Depr on New Luxury or Standard Sedan Cars
I do not have real life situations of clients with business depreciation. I wanted to understand the subject of depreciation in more depth. The entire hypothetical situation, assuming most trying conditions, was constructed based on various examples seen in various books on tax laws. The intention was to provide some background material such that main focus stays on the depreciation question. However, the material in some of these books was not clear about luxury v/s non-luxury cars. There is a mention about cut off of 6,000 pounds weight for Section 179 depreciation.
Let me rephrase the question:
Assuming Tax Payer has satisfied (a) Dollar Limitation (b) Investment Limitation & (c) Taxable Income Limitation, and the Sch C business is highly profitable
What is the Sec 179 or Regular Depr on autos of “all types”?
Any thoughts / clarifications / updates / community members’ experience would be highly appreciated.
Thanks and Regards.
Raj1
Best Answer Click here