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Tax, SDIRAs & Cost Segregation

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Daniel Chen
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Section 179 Question for rental business

Daniel Chen
Posted May 7 2024, 10:00

I am managing 4 rental properties that me and wife owns. All of them are LTR, I do have a full time job so this is something I do outside of that.

Regular activities include yard work, small repair & maintenances, activities relating to a tenant turnover. I currently use the two family cars we have to conduct these activities, and I am looking to buy a new vehicle that is more suitable (a truck) for the tasks that I have been doing. 

I do want to take advantage of the section 179 deductions if its possible. I do not have a LLC and I have been reporting my rental income and the expenses associated with it in Schedule E. I am wondering if it's as simple as just purchasing the car under my own name like a regular car and next year just add that car to a schedule C while I keep everything else still in Schedule E.

Thanks in advance.

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