Does GL350 qualify for section 179 deduction?

 

Yes. They extended the 179 deduction "hummer loophole" for 2013. $25k deduction the first year. Only applies to a new/purchase (no lease).

 

what's that?

 

Do a google for IRS Section 179 - then consult with your business accountant

 

thought this would be more useful to post than telling someone to go and google it. for those that aren't familiar, no need to go and google it now.

Section 179 of the United States Internal Revenue Code (26 U.S.C. § 179), allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense, rather than requiring the cost of the property to be capitalized and depreciated. This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business.[1]

 

It is straight forward advice to recommend consulting with your business accountant regarding the details of Section 179 tax provision - anything less is foolishness.

 

maybe for those that aren't familiar with section179 there might be a thought that this is something more Mercedes Benz specific? the point of a forum is to share knowledge. Not suggest someone go search google. in fact, a lot of times what i google relating to my MB points me directly to these forums. Isn't that the point? Why not write a more useful post? I'm not disagreeing with contacting your business accountant. I'm suggesting how unhelpful your suggestion to use google is.

 

If you are unfamiliar with Section 179 - google is a GREAT resource to start your education on that section of the IRS code - if you don't appreciate that - then that's your problem, not mine.