maxwell50
As of this date, the IRS evidently didn't publish a form 946 for 2008 that may have the answer I am looking for, so I am going to throw this question out to see if anybody knows the answer.
My understanding is that for 2008, the IRS allows a $25,000 S. 179 deduction for a common style SUV that is over 6000 lbs gross weight.
Typically, one would elect to expense a certain amount of the purchase price of such a vehicle immediately, and them depreciate the remainder of the purchase price over the next 5 years, subject to the annual depreciation limits for such vehicles. You can also claim the S. 179 expense as well as your first year of depreciation in the same year.
Does the $25,000 limit apply only to the S. 179 expense election (then you can also take your first year of depreciation); or does the $25,000 limit apply to both the S. 179 expense election and the first year of deprecation combined?
My understanding is that for 2008, the IRS allows a $25,000 S. 179 deduction for a common style SUV that is over 6000 lbs gross weight.
Typically, one would elect to expense a certain amount of the purchase price of such a vehicle immediately, and them depreciate the remainder of the purchase price over the next 5 years, subject to the annual depreciation limits for such vehicles. You can also claim the S. 179 expense as well as your first year of depreciation in the same year.
Does the $25,000 limit apply only to the S. 179 expense election (then you can also take your first year of depreciation); or does the $25,000 limit apply to both the S. 179 expense election and the first year of deprecation combined?