Question

Which of the following types of property qualifies for the IRC 179 deduction?

Property used in connection with furnishing lodging.

Property used by tax-exempt organizations, governments, or foreign persons.

Property used predominantly outside the United States.

IRC 1245 property used 50% or more in a business.

Answer 1

Property that qualifies Sec 179 deduction are

1. Equipment purchased for business use

2. Tangible personal property used in business

3. Business vehicles

4. Computers includes software

5. Office furniture and office equipment

6. Property which is personal property but still used partially in business

7. Buildings and property attached to the buildings and certain improvements to existing non residential buildings

But some of the property is specifically disqualified under sec 179

1.Property used outside the United States generally does not qualify

2. Property that is used to furnish lodging

3. Property acquired by gift or inheritance, as well as property purchased from related parties

4. Real property such as land, buildings and property which is not considered as personal property

Therefore

Property used 50% or more in a business is qualified for deduction