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Old 01-06-2008, 04:46 PM
Junior Member
 
Join Date: Jan 2008
Posts: 2
A Little Knowledge IS Dangerous

Hi,

In 2006 we purchased a SUV that qualifed for accelerated depreciation under IRS sec. 179 for $36K. From what I'd read at that time I thought I could take $18K in sec. 179 depreciation in 2006 and I reasoned I would take the remaining $18K in 2007. So I only took $18K sec. 179 depreciation in 2006 expecting to take the rest in 2007. Then in 2008 I reasoned that we'd do it all over again by purchasing a similar vehicle. Now I'm thinking I messed this up.

First, can I take the remaining $18K in sec. 179 depreciation on my 2007 return? If not, how much can I take?

Secondly, if I trade this vehicle for a similar vehicle in 2008 what would my sec. 179 deduction look like in 2008? If I don't purchase another Sec. 179 eligible vehichle in 2008 but replace this one with a passenger vehicle that will be used 100% of time in business what will be the tax ramifications?

I'm wondering if this is all worth it?

Thank you for your comments?

Joe



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