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!
You must be logged in to reply to this topic.
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.