Discussion Archives:Heavy truck depreciation

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> Heavy truck depreciation

Ninyap (talk|edits) said:

26 December 2005
Can an S-corp take a sec. 179 on a heavy truck, specifically 2006 Ford F250 purchased in 2005 for $58,100; and if so, is there a limit on this deduction?

Thanks, Bean

Mshelden (talk|edits) said:

December 27, 2005
Some questions to consider:

Is its "loaded gross vehicle weight" greater than 6000 lbs? (there's a list somewhere that shows what make and model of trucks weigh, I assume a F-250 does weigh more than 6000) Does it fall above the SUV limit? (interior cargo bed of less than 6 feet?) Is it used more than 50% for business? If these are yes, than you should be able to take a 179 ded. for the whole amount.

Ninyap (talk|edits) said:

27 December 2005
Thanks for your reply, Mshelden. As a matter of fact, I am trying to locate the list that shows all vehicles types for >6000 or >13000 lbs. Can't seem to locate that in Publ 946 or 2006 U.S. Master Tax Guide. I'm pretty sure this heavy duty truck should qualify, but not sure which of the two categories. Does it make a difference? And yes, it is 100% business use, and owned by the S-corp.

Thanks for your help...I very much appreciate this network. Any other thoughts out there?

Lsmith32935 (talk|edits) said:

28 December 2005
You may be limited to sec 179 to $25,000. This was changed o/a 10/31/2005. You would then depreciate the remaining balance.

Bean (talk|edits) said:

30 December 2005
I thought the $25,000 limit was only for SUV's, which ended Dec.04

Hubert Altman (talk|edits) said:

31 December 2005
You can sec 179 all of it. over 6000 lb.a truck.

Dyeomans (talk|edits) said:

1 January 2006
Can you get the entire $58,100 if you put the truck in use in December of 2005?

Bean (talk|edits) said:

3 January 2006
I believe so. Anyone disagree?

Hubert Altman (talk|edits) said:

3 January 2006
yes you can get the entire amount.

Mshelden (talk|edits) said:

January 3, 2006
Did anyone find the list of GVW by make and model? I saw one a few years ago at a former workplace and can't find it now. It had a list of trucks by manufacturer and specific models.

Jmagnuson (talk|edits) said:

4 January 2006
The F-250 will be over 6000 GVW. I have not seen a 3/4 ton pickup or greater less than 6000 GVW but the vehicle GVW will be on the placard in the door. The GVW should be around 8000 Ibs for that particular pickup.

FFEP (talk|edits) said:

12 March 2006
Do you have to prorate the 25000. 179 deduction or do we get it all no matter when the SUV was purchased

Bean (talk|edits) said:

12 March 2006
If qualified, you get all - but I think that provision ended Dec. 2004

James1 (talk|edits) said:

20 March 2006
CCH has a list in several of its services, but not master tax guide. Search using the term "hummer" to find the list. The $25,000 limit applies to trucks in excess of 6,000 pounds if the truck has a bed length under 6 feet. According to the CCH list (Table IV), there are no F-250s with a bed length under 6 feet, so the entire cost should qualify for expensing.

Oyahwang (talk|edits) said:

14 June 2008
Need Help! Recently (June 2008) bought a heavy duty truck (33,000 lb) with body over 6" long total costing $83,000; 100% business use. Am looking forward to SL Depreciate the truck. How much depreciation expense may I claim per year, and for how many years. Have read Publication 946, but am still unclear if depreciation deduction is subject to any limits for this truck.

Marcilio (talk|edits) said:

14 June 2008
Depreciation on vehicles is always 5 years. S/L on $83,000 is $16,600/year. However, it is not a true 5 year system. You pick up 1/2 of that amount in the first year, and the remainder in the 6th year.

RoyDaleOne (talk|edits) said:

16 June 2008
Do not over the road trucks get a 3 year life? 18 wheeler?
Personal tools