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Discussion Forum Index --> Tax Questions --> 179 write off on existing vehicle
Paparich (talk|edits) said:
| 15 September 2006
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| I own a truck I purchased 3 yrs ago, is there any way I could 179 balance owed on this and make it strictly a business truck for hauling entertainment equipment around, or do I have to trade it in or buy something new ?
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Death&Taxes (talk|edits) said:
| 15 September 2006
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| Quoting Solomon in his post on this same page: "The key is purchased and placed in service during taxable year. One can not convert a personal asset to business use and take 179." "Purchased AND placed in service," not OR placed in service. Short answer is you have to buy something new, or something used, as another discussion on this page shows.
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DZCPA (talk|edits) said:
| 17 September 2006
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| Hire someone to do your taxes for you. Or, take a tax class. You are not saving any money doing it yourself.
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Paparich (talk|edits) said:
| 18 September 2006
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| Thanks, I am actively pursuing getting tax help, I know this stuff is over my head, just not having much luck yet. Im trying to find someone with experience in the entertainment field.
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