Quote:
Originally Posted by needtaxhelpnow I live in NYC and i bought in 2016 a car for the use for work only.
can i write the total purchase price off and how would i go about it,?
thanks |
No I do not think so; Owning your car outright doesn't affect your eligibility to write off the business use. However, writing off the purchase price of the car as a section 179 expense, which allows you to write off the full price of a business asset rather than depreciate it over a number of years, is only allowable if the car wasn't first used as a personal vehicle. According to the IRS, the only year in which you can claim the section 179 deduction is that in which you placed the car in service.
For passenger vehicles, trucks, and vans (with a gross weight of less than 6k pounds), that are used more than 50% in a qualified business use, the total deduction for depreciation including both the Section 179 expense deduction as well as 50% Bonus Depreciation is limited to $3,160, if the special depreciation allowance does not apply. The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2016 is $3,560, if the special depreciation allowance does not apply. Maximum Depreciation Deduction for Passenger Automobiles
Date
Placed 1st
In Service Year
2016 $11,1601
if you elected not to claim any special depreciation allowance or the vehicle is not qualified property, the maximum deduction is $3,160.