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H
hnewton561
January 21, 2023
Question

I’m an independent contractor looking at buying a $80000 truck over 6k lbs. under section 179, how much can I write off of purchase price 1st year? Will use 85% business.

  • January 21, 2023
  • 1 reply
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1 reply

M
Mike9241
January 22, 2023

$68000 85% of the cost. however, to reach this limit you must have at least $68,000 of business income before this deduction. this applies to a truck or van over 6K lbs.  if its a heavy SUV over 6K lbs 179 is limited to $25,000 but bonus depreciation of $43,000 is allowed. bonus depreciation does not have a business income limitation. 

 

 

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