What is my maximum 2008 write-off on the purchase of a new $14,000 car that I used 94 percent for business during 2008? (P.T., Stevens Point, Wisc.)
For 2008, the first-year limit on the aggregate of your Section 179 deduction, special depreciation allowance, and depreciation deduction for new cars was $10,960 ($11,160 for trucks and vans).
Your personal limit on that new 2008 car is $10,302 (94 percent times $10,960).
Keep in mind that this limit applies ... Log in to view full article.