what are the 2013 rules for section 179 deductions and vehicle depreciation?

It appears the Section 179 deduction will be at $500,000 for 2013 per the American Taxpayer Relief Act. The maximum was supposed to revert to $25,000 but the higher limit was included in the fix. So you should get a $32,000 depreciation deduction in year 1.

Confirm with your CPA. Let's see what others on this board say.

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TortiousTiger

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Was going to start this thread today.

My main question aside from confirming it was still available is whether 179 is above the line such that it reduces AGI or below the line in which case I can't really use it due to AMT. I would think above the line bc it seems like mostly high earners utilize it, but I can't seem to confirm that with my own research.

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179 is above the line?

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Above the line is you are self employed, (Sch C or S Corp owner). If you try to deduct it as an employee business expense, below the line.