Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-06-2008, 04:46 PM
Junior Member
 
Join Date: Jan 2008
Posts: 2
A Little Knowledge IS Dangerous

Hi,

In 2006 we purchased a SUV that qualifed for accelerated depreciation under IRS sec. 179 for $36K. From what I'd read at that time I thought I could take $18K in sec. 179 depreciation in 2006 and I reasoned I would take the remaining $18K in 2007. So I only took $18K sec. 179 depreciation in 2006 expecting to take the rest in 2007. Then in 2008 I reasoned that we'd do it all over again by purchasing a similar vehicle. Now I'm thinking I messed this up.

First, can I take the remaining $18K in sec. 179 depreciation on my 2007 return? If not, how much can I take?

Secondly, if I trade this vehicle for a similar vehicle in 2008 what would my sec. 179 deduction look like in 2008? If I don't purchase another Sec. 179 eligible vehichle in 2008 but replace this one with a passenger vehicle that will be used 100% of time in business what will be the tax ramifications?

I'm wondering if this is all worth it?

Thank you for your comments?

Joe



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning