If I use my personal vehicle that I am currently financing for business purposes, Can I file it under section 179?

It depends. The rules for taking Section 179 require a 51% business use of your vehicle.  The business use percentage of the cost may be eligible for Section 179 if chosen the first year it is placed in service for business.

 

Business use percentage is determined each year by taking the business miles and dividing it by the total miles for the year.  If at any time during the life of the vehicle the business use drops below 51%, then a recapture of the Section 179 would be required.  This  means some of the expense would be added back to your income in that year and the depreciation would change, if applicable.

• What is Section 179?
• Instructions for Form 4562

There are special rules and limits for vehicles which are considered 'Listed Property'.  

• Passenger automobiles weighing 6,000 pounds or less. See Limits for passenger automobiles, later.
• Any other property used for transportation if the nature of the property lends itself to personal use, such as motorcycles, pickup trucks, SUVs, etc.
• Any property used for entertainment or recreational purposes (such as photographic, phonographic, communication, and video recording equipment).

TurboTax will walk you through this when you enter your vehicle.  Driving down Taxes