Large Vechicle sec 179 back-end Hello, I want to end a section 179 deduction taken in 2004.
Do I understand this correctly for taking this vehicle out of service 7/1/2009 for any recapture?
This is on a large truck of over 6000# so not subject to the passenger auto limits.
Its listed property as placed in service 12/31/2004, 100% business; cost basis $46,313; 5year recovery period method = 200db/hy; Elected 179 cost $46313 all (100%).
All years over 50% business use.
I'm using pub 946 page 79 table A-1 "5 year property half -year convention" MACRS (GDS)
year 1 = 20% ; year 2 = 32%; year 3 = 19.20%; year 4 = 11.52%; year 5= 11.52%; year 6= 5.76%.
179 deduction $46,313
year 1 2004 ($46313x 20%) = $9,262.60
year 2 2005 ($46313x 32%) = $14,820.16
year 3 2006 ($46313x 19.2%) = $8,892.04
year 4 2007 ($46313x 11.52%) = $5,535.25
year 5 2008 ($46313x 11.52%) = $5,535.25
year 6 2009 (($46313x 5.76%) = $5,535.25 as of 7/1/2009.
Total allowed depreciation = $ 46,238.08
Total 179 deduction $46,313
Total allowed depreciation - $46,238.08 (from above process)
Recapture amount for 2009 = $75.00
Thanks for your feedback |