Another Tax Question

Discussion in 'Business Operations' started by Kickin Your Grass, Feb 7, 2007.

  1. Kickin Your Grass

    Kickin Your Grass LawnSite Senior Member
    Posts: 479

    Does anyone know what the law allows on claiming the cost of a 1/2 ton business truck for 2006?

    On all my other business trucks (2 from the past), I was able to write what I paid for them off at one time. This is the first time I have bought a brand new work truck. I was told today that there was a new tax law in 2006 stating that you have to take a 3 year depreciation on any 1/2 ton truck or smaller. Is there any truth to this.
     
  2. vntgrcr

    vntgrcr LawnSite Senior Member
    Posts: 282

    You can "179", the IRS code and take a one time expemption on the whole purchase price. And for 2007 my acct. told me yesterday that if the vehicle is over 6k lbs you can one time deduct up to $25K of the price and then take the balance and depreciate the balance. Don't throw stones, this is info that my acct. gave me. He is pretty good though.
     

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