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Level 1

Question

Section 179

Forum|Forum|4 years ago
March 9, 2022
2 replies
1 view

I use my husbands new car that was purchased in 12/2021 fulltime(100%) for my business. Can I use Section 179 to depreciate when I file my business taxes?

TurboTax Home & Biz Windows

Level 15

Yes, if you use the car 100% for business, you can use section 179 deduction to depreciate it. Please view this IRS publication for more details regarding depreciating cars.

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Level 15

however, the amount of 179 that will be allowed may be less than what you take. there are rules that limit the amount that is actually allowed. any claimed but unused is carried forward to next year.

Mike9241