My client bought a luxury SUV (more than $150k) under the name of it's business and wants to depreciate the whole thing in the first year. Can I do that only with section 179? or there's a limit for that and when reach that point I need to switch to Bonus depreciation? This SUV above 6000 pounds depreciation is very confusing.
Thank you, but my questions was about the Section 179 and if there's a limit for that for SUVs above 6000 pounds. Basically I want to know how to depreciate the whole amount for those cars in the first year.
I think I was clear when I asked I want to depreciate the whole amount. Is there a cap for that in Section 179? if yes, how much is it? Sine I have never done this before, I'm trying to learn the process.
You should read the reference materials so that you can see what applies in a specific tax year, because things change, or get released as draft and then get finalized. Here are some of the links, when you do that search I suggested:
When I started back in the dark ages, we had two free IRS pubs that contained virtually everything you need to know to get your introductory education.
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