Sect 179 / Bonus Dep. against W2?
Hi all,
Topic isn't new, but I've searched for this specific situation and come up empty. I bought a truck (>6000 GVW) and a rental property in 2020, both of which were placed into service. I do not have an LLC set up for the rental property, nor the truck. I use the truck primarily for business (I otherwise work from home, so most of my travel is related to picking up material for the rental). I service the rental unit myself in terms of marketing, repairs/maintenance, collecting rent, etc. These duties are "regular and continuous". You might say that the "business" in which I'm engaging with the vehicle is in fact property management.
My CPA is telling me that while truck is eligible for Sec 179 (although doesn't seem to differentiate between bonus vs 179?) that because it's being used with regard to a passive activity (real estate) that the depreciation can't be used against my W2 income.
Is this accurate?
Thanks,
Ian