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February 27, 2019
Question

Section 179 deduction on a new vehicle

  • February 27, 2019
  • 1 reply
  • 0 views

According to the new tax law (and TurboTax) I should be able to deduct the full price of an SUV with GVWR over 6000 lbs placed in service in 2018 and used exclusively for business. The one I purchased was quite expensive (Tesla X 100D) $122,000 and TurboTax is telling me that I can do 100%, but $122,000 is too high. Is this a glitch?

    1 reply

    Carl11_2
    July 18, 2019

    Does your business have "at least" that much taxable income for the tax year, from which to take the deduction? If not, then it's not a glitch.