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How do you deduct 100% of the cost of a over 6,000 vehicle

Flaster
Level 1
 
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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

Add lb after your 6000 and input the question into google....you'll find your options.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IntuitVanessa A
Intuit Alumni

To claim 100% depreciation on a vehicle over 6,000lbs select the following:

  1. Car and Truck Expenses Worksheet
  2. Enter the information in part 1 for the vehicle, selecting B1 or B2 depending on whether it is a truck, van or SUV
  3. Scroll down to the Vehicle Depreciation Information
  4. Enter the Cost or Basis
  5. Enter $31,300 for the Section 179 Expense Elected
  6. Check the Yes box for 34a for Economic Stimulus-Qualified Property (assuming it is)
  7. For 34 e should automatically select 100% and 50%.  
  8. Line 34i will show the rest of the depreciation over the $31,300 of section 179

Be sure that you add income first as this will affect your Section 179 deduction.

@Flaster 

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