Used vehicle with Section 179

[Sixto Moralez]

Hi BP,

My apologies if this has been answered in previous forums and if so, please point me in the direction.

Summary:

I have a used 2010 Toyota Tundra that I would like to transfer into my small business and depreciate 100% using section 179. There is no loan on it and it would be new to the small business.

Questions :

1. Can I use section 179 in this case?

2. Would the 100% be based on the retail value currently?

3. Is it more advantageous to skip section 179 and record mileage and depreciate over a time period?

If anyone wants to chat instead of type , I'm open for that as well.

Thanks,

Sixto