Tax
Section 179
A client, a single-member LLC taxed as a disregarded entity on Schedule C, plans to purchase a truck before December 31 and place it in service that same day. With 60% business and 40% personal use, the question is whether he can claim the Section 179 deduction on Form 4562 for the full 60% business portion. This article examines the applicable rules.
My client is a single member LLC filing as a disregarded entity on Schedule C. He is thinking of purchasing a truck prior to Dec 31 and putting it into service on that date. If he uses the truck 60% for business/40% personal will he then be able to take the Sec 179 deduction on form 4562 for the full 60%?
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