I am considering using the 179 deduction on gymnastics equipment that has been purchased for my new business. The equipment was purchased in November of 2017. I opened registration for classes late December and had deposits coming in before the end of the year. I set up the equipment in the gym during January and the first day of actual classes was Feb 10th 2018. My equipment purchased in 2017 is around $ 45,000 worth. My business is set up as an LLC. Can I claim the 179 deduction on my 2017 taxes ?
Based on the info that you have provided, you should be eligible to take the Section 179 deduction. To find out for sure, you will need to complete IRS Form 4562. I have provided a link below to this tax form and a link to our Section 179 article that should provide you with more info on this tax deduction:
IRS Form 4562: https://www.irs.gov/pub/irs-pdf/f4562.pdf
Section 179 Tax Guide: https://fitsmallbusiness.com/section-179-deduction/
All the Best-
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