My LLC purchased a rental. Can the property be reported as business asset and use 179 for 50% of the purchase price (property paid for).

[riteart]

Can a rental property purchased by LLC (cash purchase) be considered an Asset /qualified Improvement Property  in Turbo Tax and use Section 179 to deduct 50% of the Asset purchase price this year and the rest next year? Thanks

[DDollar · Accepted solution]

No, you cannot take a Section 179 Deduction for the rental house.  According to the IRS "This deduction isn’t allowed for property used in connection with residential rental property. See chapter 2 of Pub. 946."