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Section 179 Deduction [Video]

Section 179 Deduction

If you own a business, you can immediately expense up to $1,050,000 of certain types of business property by making a § 179 election.

This means you don’t need to depreciate the property over time; you can deduct the full purchase price in the year the property was placed into service.

You can make a § 179 election for:
• Equipment, machinery, office furniture, computers, tools, vehicles
• Improvements to nonresidential buildings like HVAC systems, alarm and security systems, roofs

Equipment qualifies whether you purchased it used or new or whether you leased it or borrowed money to buy it.

But once your total equipment purchased during the year exceeds $2.62 million, the § 179 deduction is reduced dollar-for-dollar.

But you can also use § 179 expensing in conjunction with bonus depreciation.

The § 179 deduction is usually taken first, followed by bonus depreciation (unless the taxpayer doesn’t have taxable income, as § 179 can’t be used to create a tax loss).

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