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posted Oct 27, 2021 12:24:09 PM

Section 179 depreciation for business vehicle in personal name

I purchased a vehicle recently for mostly business use (~75%), however, I would like to register and insure it in my personal name. Is it possible for my business (LLC - S Corp status) to reimburse me for the vehicle purchase so I can obtain a Section 179 depreciation without having to register the vehicle in the business name?

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1 Replies
Employee Tax Expert
Oct 27, 2021 2:18:33 PM

Hi @luxxoh 

A vehicle used for business may be owned by the corporation or by an employee (even a shareholder-employee). The method of claiming the deduction will differ depending on the ownership of the vehicle.

 

 

Business Use of Vehicles  - This link has more information on this topic and also has links to Section 179 and bonus depreciation methods as well as the tax implications of these different options.