Can you do a 1031 Exchange and a Section 179 together?
Thank you so much!
May I 1031 exchange a Section 179 SUV?
And if so, what will be allowed tax write offs &/or Tax liability...
In October 2017 I bought a $25,000 used SUV; (100% for business use, and I plan to take a Section 179 deduction for $25,000 on my 2017 tax return); and then...
In January of 2018 , can do a 1031 exchange if trade I it in for a $45,000 used SUV (Used 100% for business in 2018);
Would I also be able to write off the additional $25,000 out of of pocket ($45,000 purchase price minus the approximate $20,000 trade in value of the original SUV) as a Section 179 Deduction?