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#2
09-10-2003, 06:40 AM
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 Re: question abot the Sec 179 tax break "CJ" <CJ[at]asd.asb> wrote: - quote - > I heard about the Sec 179 tax break for business owned trucks
Sure...if you buy the truck the following year.> with GVWR over 6000 lb. I plan to open a store by the end of > this year. Can I purchase the vehicle before the store open > and receive tax break in the following year? -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
09-10-2003, 06:40 AM
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| Re: question abot the Sec 179 tax break - quote - > I heard about the Sec 179 tax break for business owned trucks
No. It is for the year placed in service.> with GVWR over 6000 lb. I plan to open a store by the end of > this year. Can I purchase the vehicle before the store open > and receive tax break in the following year? Helen, EA in PA Member of The Tax Gang President, PA Society of Enrolled Agents Campaigning for NAEA Board of Directors - Looking for YOUR vote << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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09-10-2003, 06:40 AM
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| Re: question abot the Sec 179 tax break "CJ" <CJ[at]asd.asb> wrote - quote - > I heard about the Sec 179 tax break for business owned trucks
Nope. Section 179 is available for most any business asset> with GVWR over 6000 lb. I plan to open a store by the end of > this year. Can I purchase the vehicle before the store open > and receive tax break in the following year? (including, but not limited to, vehicles with GVWR > 6000 lbs) but only for assets purchased and placed in service during the tax year. So if you bought the truck today, and started business next year, it's a pre-existing asset, and Section 179 isn't available. Other limitations apply, so be sure to consult a tax advisor before you go into business. -- Paul A. Thomas, CPA taxman[at]negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
09-09-2003, 06:15 AM
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| question abot the Sec 179 tax break I heard about the Sec 179 tax break for business owned trucks with GVWR over 6000 lb. I plan to open a store by the end of this year. Can I purchase the vehicle before the store open and receive tax break in the following year? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 179, abot, break, question, sec, tax |
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