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TortiousTiger
Baton Rouge
Member since Jan 2007
12658 posts
| what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/8/13 at 6:22 pm)
Did these change?
Can someone run the analysis on a 60k large suv purchased in '13, 51% business use?
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tigeryat 
LSU Fan
God's Country
Member since Oct 2005
2400 posts
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/8/13 at 7:38 pm to TortiousTiger)
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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yellowfin 
Illinois Fan
Paige is Pretty
Member since May 2006
51923 posts
 Online
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/9/13 at 6:11 am to tigeryat)
Is bonus depreciation done?
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Putty
LSU Fan
Member since Oct 2003
20068 posts
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/9/13 at 9:25 am to TortiousTiger)
quote:
TortiousTiger
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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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2400 posts
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/9/13 at 7:07 pm to yellowfin)
Bonus depreciation is not dead.
50% for 2013
see Sect179.org
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tigeryat
LSU Fan
God's Country
Member since Oct 2005
2400 posts
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/9/13 at 7:10 pm to Putty)
quote:
179 is above the line?
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.
This post was edited on 1/9 at 7:11 pm
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TortiousTiger
Baton Rouge
Member since Jan 2007
12658 posts
| re: what are the 2013 rules for section 179 deductions and vehicle depreciation? (Posted on 1/10/13 at 8:56 pm to tigeryat)
bump for poodlebrain
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