If my business purchases a vehicle and finances it through the business, can the business write the whole amount off?

ANSWER

The BIDaWIZ Team's Answer:

The business can certainly claim a Section 179 deduction even if it is purchased with borrowed funds. As long as the property meets the Section 179 election criteria, this is an eligible deduction. Please note that for 2014, the Section 179 deduction limit is $25,000. However, the business can still deduct first year MACRS depreciation. Please note that we will need to know the type of vehicle and amount in question as that can have implications to the proper treatment.