Section 179 is an election that allows you to deduct depreciation up to an amount equal to the cost of a business asset in the year you purchase the asset. You must use the asset more than 50% in your business, which comes into play when you have a vehicle that is used partly for business and partly for personal use. You can only deduct the 179 depreciation allowance to the extent you have net income in the business in the current year. Any unused allowance can be carried over to future years.
If you take a section 179 depreciation allowance and convert the asset to personal use before the expiration of the normal depreciation period allowed for the asset, you will have to recapture (add back to income) a portion of the allowance. You can learn more here: Section 179 Depreciation
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