To qualify for the section 179 deduction, your property must have been acquired for use in your trade or business. In this video I demonstrate how to enter assets into TurboTax and apply the Section 179 deduction to those assets.Section 179 is an immediate expense deduction business owners take for purchases of depreciable business equipment instead of capitalizing an asset. First enacted in 1958, Section 179 allows you to immediately deduct the cost of these assets during the year in which they are put into service. Use IRS Form 4562, Depreciation and Amortization, to calculate and claim a Section 179 deduction.