" I thought to qualify for section 179 the equipment had to be purchased new, now I'm hearing used equipment qualifies. Is this true and when did it change? "---->You are right; both new and used personal tangible property for business and trade purposes qualify; one of the most common questions people are raising is whether the Section 179 expensing election is only available for the purchase of brand new assets or whether things such as used vehicles qualify. The answer is still the same. The asset just has to be new to you.However, under the IRS Section 179, sec. 179 property is generally personal property (BOTH new and used) acquired or purchased for use in a trade or business.