Quoted:
Lets say I decide to start Malt0se's cleaning service (which I'm thinking about doing) and I decide to purchase a white transit connect panel wagon. is the entire purchase price tax deductible?
Yes, no, maybe. The rules can be complex.
First, what % is business use? If not 100%, then only part of the vehicle can be depreciated.
Second, since I don't know exactly what a "white transit connect panel wagon" is, I don't know what it weighs. If it's light, it's a car and subject to restrictive depreciation limits. If it's heavy, it's a truck and not subject to the crappy car limitations. Need to know what the gross vehicle weight is.
When you sell (as referenced in the link in the previous post), your selling price will most likely be different than your basis. This will create either a loss or gain if sold outright, or the basis gets rolled over if you trade it in later on and you get to experience the joys of 1031 exchange basis calculations (actually - forget that - pay your accountant to figure that one out).
So, like everything in the accounting world, the answer is "it depends."