Discussion:Section 179 for 2006 TY
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Blueberrydesk (talk|edits) said: | 28 October 2006 |
| Hi, new here, and banging my head against the wall. I'm not even sure if this is the appropriate place to ask this, but I'm about to run out of the house screaming, so here goes.
I am self employed, run my own consulting business, and this year has been fairly profitable, with an anticipated slowdown next year. I want to purchase a new vehicle to take advantage of the Section 179 deduction but I cannot figure out exactly what vehicles qualify for deducting the full amount. The IRS is ambiguous at best when it says vehicles over 6000 lbs. Is that 6000 pounds GVWR, as posted on the inside of the driver door, or is it vehicle curb weight? I can't imagine it's curb weight, as that would exclude most SUVs and pickups. The vehicle I'm looking to buy is a Dodge Dakota SLT quad cab, whose bed is only 5 feet 4 inches inside length; will that be a problem? The GVRW is over 11000 lbs, but the curb weight is only 4760 lbs. Does that matter? The total cost would be around $23000, of which 75% would be business use. I'd only be looking to deduct around $17600, so I'm not affected by the $25000 limit. HELP! Any suggestions on where to look for answers, or any answers would be GREATLY appreciated. And I apologize if this is the incorrect place to ask these questions. Paul | |
Blueberrydesk (talk|edits) said: | 28 October 2006 |
| Thank you Dennis. So just to clarify, (cause I'm not that bright, and it's late :-)
The GVWR marked on the inside of the door (the 11500 weight rating) would be the number I go by, and therefore it would be an acceptable vehicle that would enable me to deduct the 75% of purchase price, not limited to the $3250 deduction limit? (edited for spelling; sorry Dennis!) Thanks again for responding. Paul | |
| 28 October 2006 | |
| Publication 946 | |
