On Feb 20, 5:47 pm, Mike20878 <mro...[at]gmail.com> wrote:
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On Feb 20, 12:00*pm, ccol...[at]gmail.com wrote:
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You are confusing Section 179 with bonus depreciation. Bonus
depreciation is only applicable for new assets. I haven't read the
new stimulus package in detail so I don't know if the same
restrictions apply for the new bonus depreciation but I imagine it
will.

Assuming used assets will not qualify for the bonus deduction, you
will be able to write off up to $25K.

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Hello there,

Correct me if I'm wrong, but my understanding about Section 179 tax
code is that we need to buy brand new SUV (6000 plus lb) to qualify
for the $25K dedication plus the 20 % depreciation deductions for the
first year

We are planning on buying pre-owned SUV (6000 plus lb) i.e. between
2005 - 2007 year model and will be using primarily for business
purpose. Will we be able to depreciate 100% of the value of the pre-
owned SUV i.e. in 3 to 5 yrs? Ad whether it will also qualify for the
$25K dedication

Thanks
-Charles

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >