Super helpful! Question - If I take the 'full purchase price' year 1 on a 6000lb business vehicle (using the 179 deduction). What happens year 2? ...can I use bonus depreciation, mileage deduction or actual expense method for the subsequent years? or have I used up all deductions with the 179?
I paid $8000 for a used SUV that I put in service (100% used for business) under 6000lbs this year, so it sounds like I can use 179, but 168 seems a little tricky in the State of Ohio. It looks like they did not adopt the full bonus depreciation and would like us to deduct straight through the years. Have you guys confirmed if that is true for the tax payers of Ohio?
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
why couldnt a roof simply be called a repair ,because someday upon selling an asset,it must be RECAPTURED,THE amount it sold for is all taxable.....if 179 was used...whereas that roof is probably needing replaced again,about the time you sell.....theres a reason,but l dont know wht it is.
Oh Wow, I just learned something new! Thank you
You are welcome
Thanks!
Thank you for the super thanks!
Excellent Information, keep it up.
Thank you so much! I'm glad you found the information helpful.
I have a question. Can you take the 80% bonus depreciation on the full purchase price of the vehicle if a portion of it is financed?
Financing doesn't change anything as it is considered a purchase. Same rule apply as outright ownership.
Folks in Tennessee didn’t put 179 on the shelf due to Tennessees lack of use of bonus depreciation... Good presentation.
Truly appreciate you work
This answers essentially the same question that I had. Thanks!
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Thank you for your work
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Ank you so much
Bad-ass! Great information guys!
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great information for people like me that came on the scene in the last few years.
Super helpful! Question - If I take the 'full purchase price' year 1 on a 6000lb business vehicle (using the 179 deduction). What happens year 2? ...can I use bonus depreciation, mileage deduction or actual expense method for the subsequent years? or have I used up all deductions with the 179?
I would like to know this as well...
@@TheBodyFirmATL it’s so confusing, I’ve spoken to a few CPA’s and they all gave slightly different answers
Good stuff sir.
Glad you liked it!
Are vehicles not limited to $30,500 in 179 deduction for 2024?
I paid $8000 for a used SUV that I put in service (100% used for business) under 6000lbs this year, so it sounds like I can use 179, but 168 seems a little tricky in the State of Ohio. It looks like they did not adopt the full bonus depreciation and would like us to deduct straight through the years. Have you guys confirmed if that is true for the tax payers of Ohio?
Thanks for this video. Can we use 179 to offset W2?
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
179 bonus depreciation for FLPs reduce you short term capital gains on stocks held in the same FLP?
why couldnt a roof simply be called a repair ,because someday upon selling an asset,it must be RECAPTURED,THE amount it sold for is all taxable.....if 179 was used...whereas that roof is probably needing replaced again,about the time you sell.....theres a reason,but l dont know wht it is.