Taxes
4 months ago
Section 179 deduction for business vehicles — can I really write off the full cost?
25
I need to buy a heavy SUV (over 6,000 lbs GVWR) for my construction business. My accountant mentioned Section 179 and bonus depreciation that could let me deduct the full $70,000 purchase price in the first year. Is this really true? What percentage of business use is required? What happens if I later use it more for personal use? Is there a recapture rule?
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