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Old 03-10-2014, 12:49 AM
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Small Business vehicle purchase (Section 179?)

Hi,

I started my own business at the beginning of this year. The business involves woodworking and I currently only have a small personal vehicle that I use for transporting supplies (lumber, tools, etc). I understand that I can deduct the mileage traveled in my current vehicle, but my question is this, if I were to buy an older truck in the price range of say $7k-$10k and use it 100% for my business (except for perhaps an emergency if something is wrong with my personal vehicle), could I deduct the entire cost of the truck up front for 2014? If so, could I also use the mileage deduction on both vehicles? I did some searching already for an answer and came across talk about a Section 179 deduction and how it can be used as a loophole to buy big $50k+ SUVs and write them off. I'm not exactly looking to do this, but would this apply to what I'm asking?

Thanks in advance.



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