Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 690 other subscribers

  • Blog Stats

    • 328,195 hits

  • Posts By Day

    February 2006
    M T W T F S S
     12345
    6789101112
    13141516171819
    20212223242526
    2728  

  • Subscribe

  • Special Pages

«
»

SUV & Sec. 179

Posted by taxguru on February 12, 2006

Q:

Subject: section 179

Hi,

I’m thinking of purchasing a new vehicle in 2006 (no SUV)

I’m self employed realtor.

Is there still a bonus depreciation (exta$) deductible on 2006 returns?  I think you can write off a lot in the first 3 years but I’m not sure.

Thanks

A:

You really should be discussing this with your own personal tax advisor.  If you are trying to operate as a professional Realtor without a professional tax advisor, you are asking for big trouble.  Buying a new vehicle just for tax breaks would be a big mistake.  Don’t make matters worse by trying to do this on your own.

I assume that you are looking at buying a lighter weight vehicle. The maximum Section 179 for a vehicle under 6,000 pounds is much lower than for one over 6,000 pounds.

I have this all explained on my website.

but only a qualified tax pro will be able to give you more specific numbers for your situation.

Good luck.

Kerry Kerstetter

 

This entry was posted on February 12, 2006 at 1:19 PM and is filed under 179. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Sorry, the comment form is closed at this time.

«
»