Section 179 Write Off (Vehicle over 6,000 pounds)
How can I take advantage of this write-off?
Some background information on my situation. I recently set up an LLC for the purpose of transferring my rental properties to it. Currently, my personal residence and investment property is under my personal name. I'm looking into purchasing a pick-up that is over 6 thousand pounds. It will be used for both personal use and managing my property. What do I need to do to take advantage of this write-off? Here are a couple questions?
- Do I need to purchase the vehicle under my LLC name?
- Do I need to purchase commercial vehicle insurance?
Am I thinking this is too good to be true, or is this actually viable?
Most Popular Reply
I've been using the 179 Deduction and have several friends that have. My vehicle is in my name, as is the insurance.
Just having an LLC is not enough. There are other qualifications required that I discussed with my CPA. If you have several rental properties, you should have a CPA as well and discuss these sorts of issues with them.