SUV Tax deduction

Any one looked into the new tax package
passes this week for the small business deduction on trucks/SUV's . Does this need to be a new vehicle ?

Comments(1)

  • DaveT14th June, 2003

    It has to be new to your business. Under the new Section 179 rules, depreciable tangible personal property purchased for use in the active conduct of a trade or business can be written off up to $100,000 total.

    Your strategy should be to apply the election first to the longest term depreciation items, then the shorter term items, until you reach the $100K limit.

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