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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I had a question about section 179 for small business. I

Customer Question

I had a question about section 179 for small business. I want to open an electric car rental company and use section 179 to help me buy the cars needed to start my company. how do I qualify for it?
I currently work as a welder but I would like to build my own business in Houston by renting out electric cars on an app called Turo. Most of my customers will be coming in from the airport IAH, and some just wanting to rent a car for a day or two. I have not started my company yet but have used the app to rent out my car. I want to create my own company to use Turo as a platform to rent out my electric cars, I came upon section 179 that would allow me to buy vehicles for my small business. I want to know what I have to do to have the vehicle qualify for the tax deduction under section 179 and what other things I need to qualify
Submitted: 5 months ago.
Category: Tax
Expert:  Matthew Breecher replied 5 months ago.

Hello, I would like to help you with your question. Section 179 is accelerated depreciation; while it does help reduce your tax burden it will not provide you with "extra cash". Additionally, section 179 has limits as to the amount of vehicle depreciation. Can you please clarify how you think Section 179 will help you? I can explain how it work, but I think you might not understand Section 179 and how it works.