Tax rules for Bonus Depreciation + Section 179 Deduction for 2024
#1
Tax rules for Bonus Depreciation + Section 179 Deduction for 2024
Question for any G-Wagon owners with experience with these vehicle deduction rules. In short, does anyone know if the full purchase price is still deductible in year 1 or does it have to be spread out over 5 years? meaning with a depreciation deduction cap of $28k roughly (is what I've been reading)? I've already asked my CPA (who's pretty smart), and I'm still confused. He mentioned to me that there's a cap of $28k for year one. I've watched dozens of youtube vids on the topic from CPAs around the nation and I'm still confused. I keep hearing you can still take a full purchase price write-off year 1 under section 179 - and/or use bonus depreciation along with that. Curious how other G owners choose their yearly vehicle deduction? what works best for you?
For background - I'm planning on purchasing a G63 this year, have a business, etc. I'm just trying to calculate potential tax savings and costs for when I do 2024 taxes. Thanks!
For background - I'm planning on purchasing a G63 this year, have a business, etc. I'm just trying to calculate potential tax savings and costs for when I do 2024 taxes. Thanks!
#3