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QUESTION DETAIL
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I purchased a vehicle for my business. It is paid for, finance is approved, insurance cards have been issued, etc. BUT I cannot get it registered today because the Massachusetts Registry needs a form from the IRS validating our FID before they can enter the business name in the system and the IRS is closed today. If all is done but plates are issued and it is registered, can it still count as a 2011 deduction as it was purchased, paid for and insured in 2011 (just not registered) If not, can I/should I register it my name?
ANSWER
Expert Thomas Graham iii's Answer:
I assume you are talking about the Section 179 tax deductions available to businesses. In this case I believe you will still qualify for the 2011 deduction because the vehicle was "placed in service" in 2011 which is the key element. Basically, the day you drove the vehicle off the lot it was "ready and available" to you and for use in the business. That is what determines which year you can claim the Section 179 tax deduction.
