I was informed there is a one time 100% deprecation for 2011 on a new vehicule purchased before the end of the year. There is a minimum weight limit but I think most 3/4 ton trucks would qualify. Right now Ford has 0% interest for 60 months on a 2011 F 250 models.
dep·re·cate (dpr-kt)
tr.v. de·pre·cat·ed, de·pre·cat·ing, de·pre·cates
1. To express disapproval of; deplore.
2. To belittle; depreciate.
3. Computer Science To mark (a component of a software standard) as obsolete to warn against its use in the future so that it may be phased out.
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I'm assuming you meant "depreciate"...
I apologize for being picky. I wrote construction specs for a number of years before "spell check" came along. It's just a bad habit I can't shake.
😉
I don't know about the weight limit but you can depreciate up to $500K in one year. You can do this if you finance but the problem is you are spending next few years income (which is taxable) on payments that you already took the deduction for.
Dec 1, 2011 Important 4th quarter tax planning implications - to take advantage of the incentives, you must act by the end of this month. Both the 'Tax Relief Act of 2010' as well as the 'Jobs Act of 2010' that passed in late 2010 affected Section 179 in a positive way for this 2011 tax year. The newest changes are as follows:
The Section 179 Deduction limit increased to $500,000. The total amount of equipment that can be purchased increased to $2 million. This includes most new and used capital equipment, and also includes certain software.
“Bonus Depreciation” increased to 100% on qualified assets. However, this can be taken on new equipment only.
When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in 2011.
Also, many businesses find Section 179 Qualified Financing to be an attractive option in 2011.
Depreciation...
Yeah, Section 179 is awesome. There are tons of websites devoted to it. Every year it is supposed to expire on 12/31, and then they extend it one more year.
Trucks must have a GVWR of 6,000+ lbs. There are a few other requirements (bed length, type, etc.).
Hopefully section 179 stays around a while.
Lamon,
You might want to check out this site.
http://www.section179.org/section_179_deduction.html
Have a great weekend!
Don't forget to ask the dealer for the "Fleet Price". Make it a contingency of the sale.
If they want to move the truck, they will apply that rate.
This was one of the original business "stimulis" after 9/11 introduced by the Bush/Congress. I bought 2 F250s at the time for the company that I worked for in New Orleans.
