section 179 deduction i bought an SUV for 55,000 in 5/2010 which qualified for this deduction. in 2010
I took a $25000 deduction (use was 73% business). In 2011 I took an $11,000 deduction and in 2012 I took a $6800 deduction. i now want to trade it in and get a new pickup truck with a 6.5 foot bed. This qualifies for the section 179 deduction without the 25,000 limit the suv has.
i can deduct the full $55,000 price tag of the truck on my taxes in 2013 but what will happen with the SUV i took the original section 179 deduction on?
I know there is a recapture but I understand that I can trade up with this new truck and exchange. What do you think the new deduction in 2013 will be?
Also, when will the original 5 years be up. Is it enough to use the truck in 2010, 2011, 2012, 2013 and a month in 2014?
Thanks
Simon |