Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation.
But times have changed.
Now, thanks to the TCJA, your deduction possibilities have increased substantially.
No Section 179 Expensing
Although Section 179 expensing is available on both new and used property, as we explained in No Expensing Allowed on Purchase of Leased SUV, you may not use Section 179 expensing on the purchase of a ... Log in to view full article.