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tax deduction for new vehicle ???

Discussion in 'Business Operations' started by swing blade, Sep 28, 2003.

  1. swing blade

    swing blade LawnSite Member
    Posts: 123

    :confused: Hi,

    I am looking at purchasing a new vehicle to use to tow my trailer for landscaping/mowing. I will be using the truck as a personal vehicle as well. I will average 25 hours a week using it for work, if that even matters. I wanted to know if i can claim it as a tax deduction, and if so how much is deductable.


    Swing Blade
  2. Green in Idaho

    Green in Idaho LawnSite Senior Member
    from Idaho
    Posts: 833

  3. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi Swingblade,

    Here was a similar post made a while back you may find interesting.

    Truck tax deduction
  4. Eddie in NC

    Eddie in NC LawnSite Member
    Posts: 4

    Swing Blade,

    You need to keep detailed records of the miles/expenses of truck. The truck can be depreciated by the % of business use. To accelerate your depreciation deduction, use Sec 179. I think since this is a pick up and not subject to GVWR of 6000 lbs you may be able to expense all business use in the first year.

    You need to see a CPA as the Sec 179 has other limitations and the amounts that can be taken have increased for 2003. If you don't use Sec 179, there is an additional amount of first year depreciation that can be taken in 2003 if the vehicle is purchased new.

    Hope this helps!

    Eddie in NC

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