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3 Replies Last post: Oct 15, 2009 12:44 PM by bm911tax

business use of vehicle - rental real estate

Oct 14, 2009 5:12 PM

Jose263 7 posts since
Oct 9, 2009

I own/manage a rental property - but am not a real estate pro - I believe that qualifies as 'active' participant - if i purchase an SUV >6000lbs, place in service in 2009, and use it >50% in connection with the income producing rental activities...
Is the vehicle eligible for 179 deduction?
Is vehicle eligible for special bonus depreciation (assume vehicle is in extended Go zone) Is bonus depreciation subject to SUV limits?
I guess what i'm asking is - does mileage driven for rental qualify as business mileage?

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bm911tax 64 posts since
Jun 30, 2009

1. Re: business use of vehicle - rental real estate Oct 15, 2009 10:43 AM

Jose, I strongly recommend to get some help from a tax advisor. See my other post to your question on 179. The couple of $$ will be worth it, you don't want to rely solely on reply form the forums.

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Jose263 7 posts since
Oct 9, 2009

2. Re: business use of vehicle - rental real estate Oct 15, 2009 11:53 AM

in response to: bm911tax

BM - Thanks - Your advice is spot-on. Actually I've been waiting a couple of weeks for tax advisor to return my call - to set up appointment. seems she is swamped with 10/15/09 deadline.
I'm impatient person and my wife has been bugging me about a new auto so thought i would ask some questions here to get better informed and understand more when i meet with tax advisor.
Appreciate you advice and concern

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bm911tax 64 posts since
Jun 30, 2009

3. Re: business use of vehicle - rental real estate Oct 15, 2009 12:44 PM

in response to: Jose263

Couple of week? I would change that tax advisor. I understand 1 or 2 days, but there is not justification not to return a call in couple of weeks!!

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business use of vehicle - rental real estate

Oct 14, 2009 5:12 PM

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