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Old 08-20-2018, 10:03 PM
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Trading in a section 179 vehicle in 3rd Year

Tax Gurus, I would like to ask your assistance on a section 179 question that has befuddled my accountant. I have a lot of faith in my accountant, however I think he is off on this, and he is not sure if he is or not.

I purchased a 2011 Mercedes sprinter van in 2014 which qualifies for the full 179 treatment because of the number of seats (12). It was in service at 75% business use from 05/20/2014 ? 11/16/2017. Purchase price was $37429, of which I claimed $28,072 on my 2014 taxes for my sole prop business.

On 11/16/2017 I traded it in for a 2016 Nissan NV3500 which also qualifies as 12 passengers. I was given $20,500 as a trade in credit on the Mercedes. The new vehicle is also 75% and the purchase price was $25,670. My accountant says he believes I can only take 75% of $5170, which is the purchase price of the new van minus the trade in value of the old.

I will gladly pay for this info or take any handout you would like to give. Any help is appreciated.



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