The 179 deduction is available but is limited to the
depreciation caps on vehicles. What that cap is depends on
when the vehicle is placed in service, type & weight of
vehicle.

If business use falls below 50% anytime before the end of
its depreciable life, some of the deduction may need to be
recaptured (taken back into income). You might look at IRS
publications 463 and 946 for details.

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"NCNavyVet" <jerryfreeman[at]bellsouth.net> wrote:

- quote -

so often no planning is given by taxpayers to activities and
they wind up being fruitless and aggravating...

consider hiring professionals (attorneys, cpas, et al.) to
assist you with starting up a "schedule c activity"
(reported on federal schedule c within form 1040) so you can
earn income in it and take advantage of the deductions you
mention, and others, being mindful of the stringent hobby
loss rules (which can be explained to you by a
professional), etc., etc., etc.

if your suv qualifies in such an activity, section 179 can
be taken to the extent of income, any remainder carried over
to future years subject to the income limitation; or it
might qualify to be written off over 5 years instead, using
accelerated depreciation

you can keep the books and records yourself in the schedule
c activity (the irs requires books and records be kept
substantiating the activity's income and deductions) and
consider hiring a tax return preparer (e.g. cpa, etc.) to
assist you with your reporting requirements (federal, state,
local, international if applicable)

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"NCNavyVet" <jerryfreeman[at]bellsouth.net> wrote:

- quote -

No.

- quote -

Irrelevant since you cannot take Sec. 179 on the vehicle.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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- quote -

4th bedroom in house into home office. I never generated any
consulting jobs so I didn't mention it on previous returns, living off
the mid-$60 income from full time employer. (no reported expenses,
depreciation, etc.)

- quote -

half time on yard sale, flea market and other business activites to
find articles to be resold on E-bay. In 2004, had lots of business
trips and purchases but no products were resold, i.e. no profit.

- quote -


- quote -


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