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