Did You Buy Equipment Or Livestock In 2024? The Section 179 Tax Deduction Could Save You Money

Section 179 of the Internal Revenue Code (IRC) tax code allows businesses to deduct the full purchase price of qualifying depreciable assets purchased or financed anytime in the 2024 tax year. The maximum deduction for 2024 is $1,220,000.

You can get significant tax relief by writing off the entire cost of livestock, farm and ranch equipment like tractors and utility vehicles, heavy machinery like skid steers and dozers, and other big-ticket purchases. To benefit from the 2024 tax deduction, you must purchase or finance the livestock or equipment and place them into service by midnight on December 31, 2024.

What Assets Qualify For Section 179?

Whether you’re a farmer, rancher, or other business owner, you can use the section 179 tax deduction for a range of purchases. Qualifying items include new and used livestock, farm machinery, construction equipment, trucks, trailers, sport utility vehicles, computers, software, office furniture, and more. For a comprehensive guide to what does and doesn’t qualify for section 179, click here.

What’s The Maximum Write-Off?

The maximum section 179 expense deduction for the 2024 tax year is $1,220,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000. The IRS also specifies that the maximum section 179 expense deduction for sport utility vehicles placed into service in tax years beginning in 2024 is $30,500.

How Can My Business Take The Deduction?

To take the section 179 deduction, your business must complete Part 1 of IRS tax form 4562, Depreciation and Amortization, and attach it to your company tax return. To learn more about the section 179 expense deduction and how it compares to section 168(k) of the IRC (commonly known as bonus depreciation), check out this post from the financing experts at CurrencyFinance.

Find Livestock & Equipment For Sale

You can rely on LivestockMarket.com and EquineMarket.com to find livestock, horses, and hay. And since both new and used equipment can qualify for a section 179 deduction, it’s also an excellent time to find the right machinery for your business on Sandhills Global sites like AuctionTime.com, TractorHouse.com, and UtilityTrailersToday.com.

Get Equipment, Truck & Trailer Financing, Too

Whether you want to purchase new or used farm machinery, construction equipment, trucks, trailers, turf equipment, motorsports vehicles, or other assets through AuctionTime.com and Sandhills Global trade sites such as MachineryTrader.com, TractorHouse.com, and TruckPaper.com, you can apply for financing quickly and easily through Currency.

The CurrencyFinance team specializes in matching equipment buyers with trusted lending partners offering competitive financing up to $500,000 with low fixed rates, flexible terms of up to 72 months, and little or no money down. Click the Currency Apply For Financing link on any listing to apply, or visit GoCurrency.com for more information.