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: