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Deductions & credits
Is the car used more than 50% in your business?
To qualify for a Section 179 deduction, the asset must be:
- Tangible (you're able to touch it, which excludes intangible assets like patents or copyrights)
- Purchased (not leased) for business use
- Used more than 50% in your business
- Placed in service (purchased, acquired, or converted to business use) during the current tax year
- Acquired from a non-related party
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March 19, 2020
10:50 AM