Buying vehicle under LLC section 179

[Chetan Vihite]

Hello Fellow investors, 

newbie question here. I am planning to purchase a vehicle that weights over 6k, my question is:

do I have to buy it under my llc to take advantage of section 179? 

or I can buy in my personal name and still able to claim under section 179 as I am the sole owner of my LLC.

thanks

[Sean O'Keefe]

@Chetan Vihite no, it can be in your name. 

Even if you use your vehicle partially for personal use, you may be able to take advantage of a Section 179 tax deduction but you can't take Bonus Depreciation unless it is 100% business use. 

Section 179 vehicles deduction depends on several criteria, including use and weight. 

Finally, if either Section 179 expensing or Bonus Depreciation is used, the standard mileage rates cannot be used for ANY periods after the year that depreciation is taken. Actual auto expenses (fuel, tires, repairs, etc.) must be tracked going forward.
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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.