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M
megs-jesuscowgir
August 3, 2024
Question

Does vehicle have to be in my name to be claimed as a Section 179 Deduction for business use?

  • August 3, 2024
  • 1 reply
  • 0 views
I am looking to purchase a vehicle that will be 100% business use for my second job that requires travel. Does this new vehicle need to be in my name in order to be claimed for section 179 deductions or can it be in a family members name?

1 reply

B
Bsch4477
Employee
August 3, 2024

You have to own the vehicle. 

M
megs-jesuscowgirAuthor
August 5, 2024

The vehicle also needs to be in my name for standard mileage rate deduction also? How is this verified?

M
Mike9241
August 5, 2024

if you have a lease, the standard mileage method would be ok.  if the iRS asks you show them the lease or title.  

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