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hrhtrack
New Member

Can you file a truck under section 179 schedule C?

 
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DawnC0
Intuit Alumni

Can you file a truck under section 179 schedule C?

Possibly.  To qualify for the section 179 deduction, your property must meet all the following requirements.

  • It must be eligible property.  Vehicles are eligible property.
  • It must be acquired for business use.  
  1. Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business), and property that produces royalties, does not qualify.
  2. Partial business use.   When you use property for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use the property more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the property by the percentage of business use. Use the resulting business cost to figure your section 179 deduction 
  • It must have been acquired by purchase, not by gift, inheritance, or a related party.
  • It must not be property described later under What Property Does Not Qualify .

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1 Reply
DawnC0
Intuit Alumni

Can you file a truck under section 179 schedule C?

Possibly.  To qualify for the section 179 deduction, your property must meet all the following requirements.

  • It must be eligible property.  Vehicles are eligible property.
  • It must be acquired for business use.  
  1. Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business), and property that produces royalties, does not qualify.
  2. Partial business use.   When you use property for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use the property more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the property by the percentage of business use. Use the resulting business cost to figure your section 179 deduction 
  • It must have been acquired by purchase, not by gift, inheritance, or a related party.
  • It must not be property described later under What Property Does Not Qualify .
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