Truck Depreciation vs Section 179 - Contractor Talk - Professional Construction and Remodeling Forum

jakejorgenson · 10-18-2009, 06:15 PM

I have a truck that I purchased in 2004 and have used progressively more and more for business. This year, it will be used about 95% for business. By definition, it qualifies for a greater write off than a passenger vehicle because of it's use and the fact that it is a greater than 6000# and has a cargo area (truck bed). I never claimed this for depreciation previously and have only claimed expenses in the mileage rates. Can I claim this as a section 179 this year or at least claim depreciation that I never claimed?

wellbuilthome · 10-18-2009, 06:48 PM

Quote:

Originally Posted by jakejorgenson

I have a truck that I purchased in 2004 and have used progressively more and more for business. This year, it will be used about 95% for business. By definition, it qualifies for a greater write off than a passenger vehicle because of it's use and the fact that it is a greater than 6000# and has a cargo area (truck bed). I never claimed this for depreciation previously and have only claimed expenses in the mileage rates. Can I claim this as a section 179 this year or at least claim depreciation that I never claimed?

I think your depreciation is done at the end of 4 years .
There isnt much left . If you never claimed the truck you mite be able to sell it to your business and either write off the lump sum or take deductions. I'm no accountant and i have no clue about a 179 .

jakejorgenson · 10-18-2009, 07:11 PM

That is kind of the big question. If I can't write it off at this point, I think I'll just sell it and buy another one of about the same price but in a 3/4 ton instead of 1/2 ton. I'll sell it personally and then buy the new one in the business. If I can write it off at this point, I'll just hang on to the truck for a little while longer.