Article Date:
November 2008


Word Count:
186

 

 

No Expensing Allowed on Purchase of Leased SUV


I have been leasing a Ford Navigator, and just a few months ago I purchased it when the lease expired. Since this vehicle passes the weight test to qualify for Section 179 expensing, and since I just bought it, may I claim Section 179 expensing on it? (S.H., Bloomington, Indiana)

 

No. Your SUV does not qualify for Section 179 expensing, because you used this property before you purchased it.1

 

The regulations state that where a lessee has ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee