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      07-05-2020, 04:46 PM   #1
Xeno
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Impact of pandemic on IRS Rule 179

I did not see a dedicated thread and have not found a web page that offers a streamlined explanation.

I use the IRS rule 179 for my G05. This year is problematic because all my flying (like SYD, Rome, Geneva) and driving trips have been cancelled.

If someone else here uses 172 and understands the impact of the pandemic on our 2020 tax returns please jump in. I remember several posts about the 172 rule when I was looking to buy, but those threads are likely not relevant.
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Last edited by Xeno; 07-07-2020 at 02:01 PM..
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      07-07-2020, 10:10 AM   #2
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2019 BMW X5 xDrive 50i M Sports: ZD8/ZLS/ZMP/ZP2/ZPK/ZPX/337/ZX7/2NH
2015 BMW X5 xDrive 50i/XL/CW/DA+/EP/LP/FVS retired; 2008 X5 4.8i; 2012 X5 5.0i retired, 2004 X4 4.4i retired
R360c + EL, V1G2 + V1Driver, Uniden R7

Last edited by Xeno; 07-07-2020 at 10:28 AM..
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      07-07-2020, 10:18 AM   #3
karateboi87
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Have never heard of 172 applying to a vehicle... isn't that for carrying operating loss?
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      07-07-2020, 10:24 AM   #4
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Quote:
Originally Posted by karateboi87 View Post
Have never heard of 172 applying to a vehicle... isn't that for carrying operating loss?
If that is the case then I misremembered the number relating to how the IRS treats 6K lb vehicles that are used for more than 50% professional purposes that are reimbursed.

I am searching emails, but my tax records at home.

Edited to say I meant 179 and will edit above posts.
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2015 BMW X5 xDrive 50i/XL/CW/DA+/EP/LP/FVS retired; 2008 X5 4.8i; 2012 X5 5.0i retired, 2004 X4 4.4i retired
R360c + EL, V1G2 + V1Driver, Uniden R7
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