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Updated almost 7 years ago,
section 179 vehicle and tax benefits
I need to change my old SUV that I used 100% for business and I have a couple of questions that I need answer on before I will make my decision.
I base my thoughts on fact that president signs $500,000 section 179 deduction for 2015.
There's four possibilities I take in consideration:
1. Buy SUV (under 6000 lbs gvwr)
I can write off only 11,160 under section 179.
Q: is this first year only or over few (how many) years?
2. Buy SUV (over 6000 lbs gvwr)
I can write off full amount of purchase under section 179.
Q: is it 100% in first year?
3. Lease SUV (under 6000 lbs gvwr)
I can write off 100% of lease payments.
Q: is there any additional write off related to section 179?
4. Lease SUV (over 6000 lbs gvwr)
I can write off 100% of lease payments as well
Q: is there any difference with leasing SUV over and under 6000lbs?
Thank you for any answers and/or comments.
And Happy Holidays :)