Multiple Vehicles For Sec. 179
Posted by taxguru on February 15, 2008
Q:
Subject: section 179 limits
Hi Tax Guru:
I have just finished reading the 179 entry on your website. Quick question, as a small business owner, can I purchase a new 6000 lb suv every year to qualify for the $25K deduction?
A:
Of course you can, if you want that many SUVs. I used to have a client who traded in his car every six months for a brand new one.
As I’ve discussed numerous times, there are tax consequences to the way in which the old SUV is disposed of; selling vs. trading.
Your personal professional tax advisor can give you more specific info for your unique situation.
Good luck.
Kerry Kerstetter
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