MayaD
Expert Alumni

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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