My husband and I have a partnership ( Form 1065) for tax purposes.
We are thinking of buying a "used" car for the business. Not a brand new car. It will be a "pre owned sedan" type car.
Questions
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- To be able to
--write off the depreciation,
--get Sec 179, etc. do we need to buy the car in the business name? (most important question)
- Can we get Sec 179 deduction on this even though it is a "used" vehicle?
- Under Sec 179 can I write off the entire cost of the vehicle in the first year? Are there any limitations? Any limitations in dollar amount?