IRS 179 Write-Off Question on sedans

Personal Finance
4yFollow

IRS 179 Write-Off Question on sedans

Flem Whittman
Member since 2022 · 3 posts · 0 votes

I understand the 6k lbs.+ write off. And writing it off in 1 year vs 5… But is there a scenario to write off non SUV/Trucks under 6k lbs.? For example a sedan… Doesn’t have to be a brand new S Class… Or SUV’s under 6k lbs.? 

I’m trying to figure out a house flipping scout vehicle that’s not my big truck… 


Thanks in advance! 

0Reply
32 views

Most Popular Reply

Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
4y

Not correct. You can write off another auto too. Up to almost 19k the first year. There are various rules that go with that.  

[email protected]941-914-7779
INVESTOR FRIENDLY CPA®5240 Reviews
WebsiteView Page
TaxMD® | Tax Planning Software
WebsiteView Page
1Reply
See this reply in the discussion

4 Replies

Jump to latestLatest
  • Account Closed
    Tampa, FL · Member since 2020 · 60 posts · 43 votes
    4y

    Flem,

    I think the best way to go about your scout vehicle would be writing off mileage rather than depreciating the vehicle. You can deduct 62.5 cents per mile beginning July 1st (see link below).

    https://www.irs.gov/newsroom/i...

    Would be smart to buy something inexpensive, reliable, and good on gas if you're just going to be using it for scouting miles.  Miles you deduct must be for business purposes. Feel free to message me if you have any questions.

    -Jack Faysash

    1Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    4y

    Not correct. You can write off another auto too. Up to almost 19k the first year. There are various rules that go with that.  

    [email protected]941-914-7779
    INVESTOR FRIENDLY CPA®5240 Reviews
    WebsiteView Page
    TaxMD® | Tax Planning Software
    WebsiteView Page
    1Reply
  • Flem Whittman
    OP
    Member since 2022 · 3 posts · 0 votes
    4y

    So that’s the $18,100 with bonus depreciation I’ve read about correct? 

    So for example I could buy something for 30k in 2022, write off $18,100 in 2022. But if the vehicle was kept in service in 2023 then there’s no write off allowed as I had used the bonus depreciation… Is that right? 


    I could however deduct mileage (which is a pain to keep track of and raises flags I would assume), vs. doing actual expenses for gas…

    0Reply
  • Christina Yoon
    Accountant · Hunt Valley, MD · Member since 2016 · 49 posts · 17 votes
    4y

    Provided certain rules are followed in 2022 and 2023, there would be depreciation left in 2023 using your example of a $30k car.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free