https://ttlc.intuit.com/community/tax-credits-deductions/discussion/would-this-qualify-for-section-179-deduction/01/2253399#M210338 <P>&nbsp;</P><P>I am starting an LLC this month and I plan to purchase an SUV (6000+lbs) in December.&nbsp;</P><UL><LI>Do I need to be in business the entire year to qualify for the entire Section 179 with bonus depreciation deduction? Or would it be prorated since I started in May?</LI><LI>If the SUV is purchased in December, and it's used 80% for business, can I still deduct 80% of the value even though it was only in service for a month (December) and I haven't been in business the full year? How does that work?</LI></UL><P>&nbsp;</P> Thu, 06 May 2021 03:18:34 GMT AndrewG25 2021-05-06T03:18:34Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/would-this-qualify-for-section-179-deduction/01/2253399#M210338 <P>&nbsp;</P><P>I am starting an LLC this month and I plan to purchase an SUV (6000+lbs) in December.&nbsp;</P><UL><LI>Do I need to be in business the entire year to qualify for the entire Section 179 with bonus depreciation deduction? Or would it be prorated since I started in May?</LI><LI>If the SUV is purchased in December, and it's used 80% for business, can I still deduct 80% of the value even though it was only in service for a month (December) and I haven't been in business the full year? How does that work?</LI></UL><P>&nbsp;</P> Thu, 06 May 2021 03:18:34 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/would-this-qualify-for-section-179-deduction/01/2253399#M210338 AndrewG25 2021-05-06T03:18:34Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-would-this-qualify-for-section-179-deduction/01/2254884#M210451 <P>1. No&nbsp; 2. Yes&nbsp; 3. No&nbsp; 4. See&nbsp;<A href="https://www.irs.gov/pub/irs-pdf/p946.pdf" onclick="ga('send', 'event', 'Downloads', 'File Download', '/pub/irs-pdf/p946.pdf');" target="_blank">Publication 946, How to Depreciate Property</A>. Your SUV is less than 14.000 pounds and is listed property which means special rules.</P> <UL> <LI>See page 53 for listed property.</LI> <LI>See chapter 2 for sec 179.</LI> <LI>See page 60 for the maximum deduction allowed.</LI> <LI>Page 62 has a worksheet for you to determine your allowed deduction.</LI> </UL> Thu, 06 May 2021 21:30:37 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-would-this-qualify-for-section-179-deduction/01/2254884#M210451 AmyC 2021-05-06T21:30:37Z