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Business & farm
The 179 expense is added when you enter a new asset. If the asset qualifies you will be given the opportunity to elect 179 on that asset.
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
For further information please see the TurboTax website: What is a Section 179 deduction?
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ā€ˇFebruary 7, 2020
10:11 AM