Section 179 Tax Deduction for Work Trucks in Southern Idaho

 

THE DETAILS

Now is the time to purchase the additional vehicle(s) needed for your business. Current tax regulations may allow you to expense up to 100% of your truck purchase(s) during the first year of ownership

SECTION 179 FIRST YEAR EXPENSING

A Ram truck is generally considered Section 179 property for U.S. Federal Income Tax purposes. A taxpayer may elect to treat the cost of any Section 179 property as an expense and it's allowed as a deduction for the taxable year in which the property is placed in service. A qualifying business may expense up to $500,000 of Section 179 property during 2017.

The IRS has not yet released guidance concerning Section 179 and Bonus Depreciation as it relates to vehicles for this year (2018). The guidance will be published in the Internal Revenue Bulletin sometime after mid-year. *FCA will not release 2018 Vehicle Summary Bonus Depreciation and Section 179 Expensing until after this IRS release.

*Consult your tax professional to determine your vehicle depreciation and tax benefits.

TAX SEASON INFORMATION

SECTION 179 & DEPRECIATION TABLES
Summary of 2016-2017 Chrysler, Ram, Dodge, Jeep & Fiat Vehicles

Estimated Depreciation and Section 179 Expense Allowance

 


  

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