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Dec 14, 2019
1:07
:33
pm
Superman21
All-American
Yes
Sorry, I should have read the whole post. You can take a section 179 for the whole amount(or your 80% biz in your case) even though its financed.
Your payments are still made the same way but only the interest can be deducted(80% for you).
This message has been modified
Originally posted on Dec 14, 2019 at 1:07:33pm
Message modified by Superman21 on Dec 14, 2019 at 1:10:02pm
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Superman21
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Superman21
Joined
Jun 16, 2014
Last login
Apr 19, 2024
Total posts
5,394 (124 FO)
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Messages
Author
Time
Buying a vehicle for business: can you still claim write off if financed?
JohnnyGJR
12/14/19 1:03pm
Yes
Superman21
12/14/19 1:07pm
Nice, thanks. Any idea how a personal car trade-in effects this?
JohnnyGJR
12/14/19 1:17pm
As far as taxes go, my understanding is that the trade-in amount reduces
Superman21
12/14/19 1:25pm
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