Re: Section 179 vehicle deduction for a landlord - Posted by Frank Chin
Posted by Frank Chin on August 16, 2003 at 08:14:40:
Dave gave you a good answer already.
There was a prior discussion on this board where several CPA’s commented regarding deducting items costing less than $500.00 I now expense items under $600.00 including tools, hot water tanks, per agreement with my CPA. Other CPA’s commented that the $500.00 amount was very common but have no objections to a client requesting an expense cutoff of $600.00.
As for car expenses, I keep a diary in my car for the starting mileage of the day and ending. A weekly expense report made from the diary is look like this:
You simply net out your personal mileage. Its on a spreadsheet so everything is added up.
I beleive the IRS has a bulletin on auto usage, and I formatted my expense report accordingly.