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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121478  
Subject: Re: SECTION 179 Date: 12/16/2000 4:26 AM
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IF I TAKE THE FULL $20,000 SECTION 179 DEDUCTION ON MY BUSINESS RETURN FOR A WORK TRUCK,CAN I STILL DEDUCT THE MONTHLY PAYMENTS ON THE TRUCK DURING THE NEXT 4 TO 5 YEARS?

Please turn off your shift lock. It's hard to read all-caps posts.

Under no circumstances can you deduct your monthly loan payments. Each payment has two components: part of the purchase price and interest. You deduct the business interest on your business income report.

You depreciate the original purchase price. You reduce your depreciable basis by the amount of the section 179 deduction. Details are in IRS Publication 946.

TMF ExRO
Phil Marti
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