What is a 179 tax deduction?

Any deduction for section 179 property. Any deduction under section 179B of the Internal Revenue Code for capital costs to comply with Environmental Protection Agency sulfur regulations. Any deduction under section 179D of the Internal Revenue Code for certain energy efficient commercial building property.

What is a section 179 expense?

Here is a list of our partners and here's how we make money. A Section 179 expense is a business asset that can be written off for tax purposes right away rather than being depreciated over time. In 2023 (taxes filed in 2024), the maximum Section 179 deduction is $1,160,000.

How do I claim section 179?

In order to claim the maximum amount of Section 179 allotted for each calendar year, you must place a piece of property in service before midnight on Dec. 31 to claim it for that tax year. Was this page helpful? IRS Section 179 covers business deductions for equipment.