BMW X5
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Post Reply
 
Thread Tools Search this Thread
      07-05-2020, 04:46 PM   #1
Xeno
Major
Xeno's Avatar
313
Rep
1,448
Posts

Drives: 2019 X5 M Sport 5.0i
Join Date: Nov 2011
Location: USA

iTrader: (0)

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.
__________________
2019 BMW X5 xDrive 50i M Sport: 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 X5 4.4i retired
R360c + EL, V1G2 + V1Driver, Uniden R8

Last edited by Xeno; 07-07-2020 at 02:01 PM..
Appreciate 0
      07-07-2020, 10:10 AM   #2
Xeno
Major
Xeno's Avatar
313
Rep
1,448
Posts

Drives: 2019 X5 M Sport 5.0i
Join Date: Nov 2011
Location: USA

iTrader: (0)

Deleted
__________________
2019 BMW X5 xDrive 50i M Sport: 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 X5 4.4i retired
R360c + EL, V1G2 + V1Driver, Uniden R8

Last edited by Xeno; 07-07-2020 at 10:28 AM..
Appreciate 0
      07-07-2020, 10:18 AM   #3
karateboi87
First Lieutenant
83
Rep
343
Posts

Drives: 2020 X5 40i
Join Date: Mar 2018
Location: Chicago, IL

iTrader: (0)

Have never heard of 172 applying to a vehicle... isn't that for carrying operating loss?
Appreciate 0
      07-07-2020, 10:24 AM   #4
Xeno
Major
Xeno's Avatar
313
Rep
1,448
Posts

Drives: 2019 X5 M Sport 5.0i
Join Date: Nov 2011
Location: USA

iTrader: (0)

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.
__________________
2019 BMW X5 xDrive 50i M Sport: 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 X5 4.4i retired
R360c + EL, V1G2 + V1Driver, Uniden R8
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 05:50 PM.




xbimmers
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST