turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Deposit on a Trailer Qualify for Section 179

Looking to purchase a trailer for business by the end of the year and the custom trailer requires a deposit with final delivery in January. Does the Deposit qualify the entire purchase of the trailer for Section 179 deductions the same tax year as the deposit or would this purchase need to go on the next year's filings? 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Deposit on a Trailer Qualify for Section 179

depreciation including section 179 is not allowed until the asset is placed into service. This would be the day you take possession. Since this is not until January 2025, no depreciation is allowed in 2024

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies