If my personal vehicle used for business qualifies for the Section 179 deduction, but I choose not to take the deduction, can I still take the Economic Stimulus bonus?

New Member

Jun 1, 2019 6:22:48 AM

If I used my personal truck to drive to work the entire year of 2017 , is my truck Qualified Property for Economic Stimulus bonus?

New Member

Jun 1, 2019 6:22:58 AM

Yes.

Often, the same asset will qualify for Section 179 expensing and bonus depreciation. In this event, you decide what method to use or you may choose to combine depreciation methods. If you decide to claim Section 179 expensing and bonus depreciation for the same asset, you must use Section 179 first, then bonus depreciation, and then regular depreciation (if needed).

"Qualified property for Economic Stimulus" is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).

Material goods that generally qualify for the Section 179 Deduction

Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.

Equipment (machines, etc) purchased for business use
Tangible personal property used in business
Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)
Computers
Computer "Off-the-Shelf" Software
Office Furniture
Office Equipment
Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).

Why sign in to the Community?

If my personal vehicle used for business qualifies for the Section 179 deduction, but I choose not to take the deduction, can I still take the Economic Stimulus bonus?