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?
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
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