Depreciation for trucks over 6,000 lbs.

[mrichman333]

My head is spinning a little on the limits for deprecation on Vans. 

I read this

 

Maximum Depreciation Deduction for Passenger Automobiles

Year 1 $11,160  "If you elected not to claim any special depreciation allowance or the vehicle is not qualified property, the maximum deduction is $3,460"

 

"The maximum depreciation deductions for trucks and vans placed in service after 2002 are higher than those for
other passenger automobiles."

Year 1 $11,460 "If you elected not to claim any special depreciation allowance or the vehicle is not qualified property, the maximum deduction is $3,460"

 

The van weights over 6,000 lbs. (11,500 lbs.)

 

"..vehicles rated at more than the 6,000 pounds threshold are not passenger automobiles, they are still “other property used for transportation” and are subject to the special rules for listed property"

 

"..You cannot elect to expense more than $25,000 ... that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight."

 

So for a 11,500 pound Cargo Van that cost $27,500 and is used 100% for business, I should be able to take a total of a $25,000 in depression. Correct?  If so how do I show that deduction.  Do I use regular depreciation and sec.179 the rest?

 

Thanks 

[Elrod]

REV. PROC. 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year

$1,975

[Abby Normal]

If it's a nonqualified personal use van you can do whatever you want. Otherwise, >6,000 GVW you take 25,000 179 and depreciate the rest.

 

>depression

 

LOL

[mrichman333]

thanks