Question

Section 179 Deduction

Forum|Forum|1 year ago
September 27, 2024
1 reply
0 views

I'm in the process of purchasing a business vehicle for 2024 and want to use the section 179 deduction for the full price. From IRS, there is a $28900 limit unless you meet the following criteria (there are others, but this is the one I'm attempting to use).

Equipped with a cargo area (either open or enclosed by a cap) of at least 6 feet in interior length that is not readily accessible from the passenger compartment.

My question: Is this a combined limit of all cargo space, or just a single one? My vehicle is the Silverado EV and it has a bed length of 5'11" and a frunk that is about 1'. Does this vehicle qualify based on the criteria?

Not A Product Question

A

Anonymous_

Employee

I wouldn't call this authoritative but

https://www.mooreschevrolet.com/what-trucks-qualify-for-section-179

R

ronnie_gtAuthor

I've seen several of these chevy sites and have contacted a couple to hopefully get a clear answer, but the specific vehicle I'm looking at does not fall under any of the criteria lists. I've been told by them to "consult my tax professional". Hopefully we can get a clearer answer here.