Sect 179 deduction on vehicle for primarily business use
I don’t want or need a 6000 lb vehicle; If I title the vehicle in my LLC name, and do use more than 50% for business, can I take the sect 179 deduction?
Hi Walt, I don’t believe you are required to have a 6,000 lb vehicle. I believe that is just the threshold that the IRS uses to make a distinction. As long as you meet all of the requirements set by the IRS, you should be eligible for the Section 179 deduction. One of the main requirements is that you take this deduction in the year that the vehicle was purchased. You can find additional details in the following two articles:
Car Depreciation: https://fitsmallbusiness.com/car-depreciation-deduction/
Section 179 Deduction: https://fitsmallbusiness.com/section-179-deduction/