I am considering purchasing the car that I had leased and have claimed business use (>50%) over the life of the lease. If I purchase (buy-out) the car at the end of the lease, continue to use it for business, what deductions are applicable?
What is the "put in service date"? The original date at the start of the lease or the date of the Purchase at the lease end?
Would the cost of the purchase be eligible for Sect 179 or bonus depreciation in the year of the post lease purchase?
Thanks!