Situation

You operate your business as a proprietorship.

In 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed the entire $55,000 cost.

Tax Question

What happens to that $55,000 expensed amount if you die, retire, or become disabled before the end of the vehicle’s five-year depreciation period?

Rules

Section 179 deduction. The Section 179 deduction ... Log in to view full article.