topic Section 179 in Deductions & credits

Section 179

schmidt440 — Tue, 10 Mar 2026 05:21:02 GMT

Do I have to have a registred business to be allowed the 179 deduciton? I do contract work but its all on my social security number not a business? I bought a 2022 Ram 2500 diesel on Jan 3rd of this year

Re: Section 179

Mike9241 — Thu, 02 Jun 2022 19:16:16 GMT

if you do not get a w-2 for the work you are an independent contractor. you report the income and expenses on schedule C. assets that have a cost too large to qualify for direct expensing, are capitalized and would likely qualify for section 179. you don't need an EIN to have a business. registration is a question of ;local law so see a lawyer if you have concerns. generally, I would recommend getting an EIN. this is in case you need to issue 1099's. then you can use the EIN rather than your SSN.

see IRS PUB for more info on section 179

https://www.irs.gov/pub/irs-pdf/p946.pdf

Re: Section 179

Carl — Fri, 03 Jun 2022 01:34:19 GMT

Do I have to have a registred business to be allowed the 179 deduciton?

Having a "registered" business and the SEC179 deduction are two unrelated things.

If you are self-employed and report business income/expenses on SCH C, (registered or not) and your business has assets that qualify for a SEC179 deduction, then such deduction is allowed.