ed_accountant Posted March 26, 2008 Report Share Posted March 26, 2008 Can you take Section 179 for used equipment that a business purchased? Thanks Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 26, 2008 Report Share Posted March 26, 2008 Can you take Section 179 for used equipment that a business purchased? Thanks It must be new. Quote Link to comment Share on other sites More sharing options...
mdmcfarland Posted March 26, 2008 Report Share Posted March 26, 2008 You can use section 179 on used property. This comes from the 2007 Tax Year Depreciation Quickfinder Handbook To qualify for the Section 179 deduction, property (new or used) must meet all the following requirements: 1. It must be eligible property 2. More than 50% of the property's use in the year placed in service must be in an active trade or business. 3. It must have been acquired by purchase from an unrelated party. Quote Link to comment Share on other sites More sharing options...
KEYWEST_RICKS Posted March 27, 2008 Report Share Posted March 27, 2008 I believe that the new property requirement was only for bonus depreciation a few years back Quote Link to comment Share on other sites More sharing options...
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