179 deduction rule
I read on the IRS website that “used” vehicle’s claiming the 179 deduction must be placed into service after September of 2017 to be elgible for that deduction. You don’t mention that,am I missing something?
Hi Douglass, in order for you to claim the section 179 deduction for a “used” vehicle, it must be new to you. This means that you purchased it used sometime between January-December of the tax year. It cannot be a personal vehicle that just started using for business. I am not familiar with having to make the purchase in September. However, you should contact a tax pro who can assess your specific situation and give you tax advice, which I am not able to do.
Thank you for reading!