179 Deduction

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  • KWF
    Member
    • Dec 2007
    • 63
    #1

    179 Deduction

    Is Section 179 expense deduction available for when personal use property is converted to otherwise qualified business use property? I can't find anything anywhere that specifically says yes.
    Tags: None
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      Originally posted by KWF
      Is Section 179 expense deduction available for when personal use property is converted to otherwise qualified business use property? I can't find anything anywhere that specifically says yes.
      What type of property?

      Check the exceptions at https://www.irs.gov/publications/p94...link1000107404
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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        • Roland Slugg
          Senior Member
          • Aug 2006
          • 1860
          #3
          No. In order to be eligible for the ยง179 deduction, property has to be "purchased." It can't be personal use property already owned by the taxpayer.
          Roland Slugg
          "I do what I can."

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