Section 179 Question
I would like to use Section 179 deduction for vehicle weighing over 6,000 lbs. Does the truck need to be purchased by and titled to the company, or am I able to purchase the truck in my name and still take the deduction?
I am one of two members in multi member LLC taxed as a partnership.
That is a great question. I’m not sure if you need to put the truck in the company’s name or if your name will suffice. I recommend that you contact a tax professional that can better assist you. If you need some assistance locating someone, check out the following article which provides you with ways to find free and paid assistance:
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.