Hi,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
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
