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Article Date:
December 2010


Word Count:
1170

 

 

IRS Mileage Rate Kills Section 179 1040X


Did you kill your vehicle’s possible Section 179 deduction?

 

Did you kill it for all future years?

 

Did you mean to do that?

 

If so, fine!

 

If not, here’s what you can do about it.

 

Where the Problem Starts

 

If you choose IRS mileage rates for your vehicle deduction, you elected out of modified accelerated cost recovery system MACRS depreciation and out of your current and future ability to use Section 179 expensing on this vehicle.1

 

You may not have hurt your vehicle’s expensing possibilities if that vehicle was subject to the luxury auto limits. Most cars, light SUVs, light pickup trucks, and light crossover vehicles are subject to the luxury limits.

 

The reason you may not have hurt yourself with such vehicles is ... Log in to view full article.

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