Sec 179 deduction for used SUV?

[David]

None of the instructions regarding sec 179 deduction for vehicles

weighing over 6,000 lbs and under 14,000 lbs state that the vehicle

has to be new.

I remember several years ago that the vehicle had to be new in order

to take the sec 179 deduction. Was this revised when the limitation

was changed to $25K? Can a used SUV > 6K lbs take the $25K sec 179

deduction?

Thanks.

[joelgilb]

Section 179 is for new assets only. I t has nothing to do with whether or not it is a vehicle but just whether or not an asset qualifies as 179 property.

[jainen]

>>several years ago that the vehicle had to be new in order to take the sec 179 deduction<<

That was the rule for the special 30% and 50% bonus depreciation allowance under Section 168 prior to 2005. Section 179 has no such limitation.

[MDCPA]

I agree with Jainen - if the SUV, otherwise qualifies i.e. business %, etc., it doesn't make any difference if it's new or used.

[joelgilb]

sorry, here what happens when you move, you don't have your current research materia as it is still boxed up and use the old stuff. Jainen is correect, the assets just has to be new to you.

Think I am going back to unpacking boxes. Yikes what a mess!