Section 179 for Used Equipment Purchased?

[ed_accountant]

Can you take Section 179 for used equipment that a business purchased?

Thanks

[Pacun]

Can you take Section 179 for used equipment that a business purchased?

Thanks

It must be new.

[mdmcfarland]

You can use section 179 on used property. This comes from the 2007 Tax Year Depreciation Quickfinder Handbook

To qualify for the Section 179 deduction, property (new or used) must meet all the following requirements:

1. It must be eligible property

2. More than 50% of the property's use in the year placed in service must be in an active trade or business.

3. It must have been acquired by purchase from an unrelated party.

[KEYWEST_RICKS]

I believe that the new property requirement was only for bonus depreciation a few years back