[Tim J]

We bought equipment in 2008 and began using it in business in 2009. Can we deduct this equipment? And should we use Section 179?

 

[stevenf]

You can deduct a fair market value from the day you purchased it to the time you gave it to the business. Just make up an average used value.
Posted via Mobile Device

 

[Fvstringpicker]

To use section 179, the assets must be purchased for business purposes. Hence you generally cannot convert a personal asset to business use and use section 179.

 

[DA Quality Lawn & YS]

Good question for an experienced tax guy.