Truck Depreciation

[blueeyekelly]

Thanks Gman. I'm just trying to figure out where to look for this info... You know with all those IRS pub. it is a lot to read when You are looking for one thing....



Thanks again

[GMAN]

Check instructions for form 4562. That should give you what you need to know.

[blueeyekelly]

LOL, it gives me part... but you know all these instructions are geared towards things with only 4 wheels... lol... I think I found what I wanted. About vehicles over 6000 lbs GVW under section 179 the year bought you can expense $25,000 then depreciate the rest, starting that same year. So I think I'm good. Thanks

[dobry4u]

LOL, it gives me part... but you know all these instructions are geared towards things with only 4 wheels... lol... I think I found what I wanted. About vehicles over 6000 lbs GVW under section 179 the year bought you can expense $25,000 the depreciate the rest, starting that same year. So I think I'm good. Thanks

[Heavy Duty]

LOL, it gives me part... but you know all these instructions are geared towards things with only 4 wheels... lol... I think I found what I wanted. About vehicles over 6000 lbs GVW under section 179 the year bought you can expense $25,000 then depreciate the rest, starting that same year. So I think I'm good. Thanks

I think you are wrong, that is for company vehicles, (cars, SUVs, Pickups)I believe big trucks can be deducted 100% up to $106,000, take what you want then depreciate the rest over 3 years. Consult a professional, the money you save will be your own.

[blueeyekelly]

Well the trucks buy out was under 20k and we did most of it in '08 so I think I am good is the a publication that actually talks about big rigs? Ever year I go nuts trying to remember where to find the meal allows and % to deduct every year... I think that is in pub 463... I wonder if they are going to have that one updated online before Feb....

Thank you all for your guidance

[GMAN]

For a couple of years you could deduct 100% of the purchase price in the year it was purchased up to a certain amount of money. I believe it was something like $200,000. It might have been less. It was a plan Bush initiated to help stimulate the economy. I don't think it was available last year but you may want to check if you need the deduction. If not, then I would use the regular schedule.

[-FlyByNight-]

Not sure if this link will help, but I stumbled upon it while looking at new trucks and it seems somewhat along the lines of what you're looking for. Good Luck!

International Truck and Engine Corporation

[blueeyekelly]

Not sure if this link will help, but I stumbled upon it while looking at new trucks and it seems somewhat along the lines of what you're looking for. Good Luck!

International Truck and Engine Corporation

Thank you that was it I am one happy person now well we will see once I am done with taxes...lol