Review the requirements below to see if your vehicle qualifies for a Section 179 deduction.
The asset must be:
- Tangible;
- Purchased, not leased, for use in your trade or business;
- Used more than 50% in your trade or business (see note below);
- Placed in service (purchased, acquired, or converted to business use) during the current tax year; and
- Acquired from a non-related party.
See IRS Pub 946 Section 179 Eligible Property for information on the section 179 deduction. "Property you acquire only for the production of income, such as investment property, rental property (if renting property is not your trade or business [ie: passive income]), and property that produces royalties, does not qualify."
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