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#4
12-09-2003, 08:27 AM
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 Re: 2003 Full Depreciation on Office Equitment purchased in 2003 /brian wrote: - quote - > Phillip Vong wrote:
Really confusing, isn't it? After all we take the 179> > I don't know if this is the right board or not, but.... > > > I heard a rumor that if you purchase office equipment in > > 2003, like computers, then the IRS is letting you depreciate > > the whole thing this year. Is this true? > No, it is not true. However, you might want to talk to your > tax preparer about the § 179 expensing election. deduction on a form entitled "Depreciation..." and when selling the asset the 179 deduction is considered depreciation by IRS. But technically it isn't depreciation. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
12-07-2003, 11:19 PM
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| Re: 2003 Full Depreciation on Office Equitment purchased in 2003 "Phillip Vong" <pnvong123[at]hotmail.com> wrote: - quote - > I don't know if this is the right board or not, but....
If such equipment was bought for a profit seeking business,> I heard a rumor that if you purchase office equipment in > 2003, like computers, then the IRS is letting you depreciate > the whole thing this year. Is this true? the depreciation rules have been liberalized, depending on what date such equipment is acquired. If this property is in your home and used less than 50% for such business, the expensable amount is greatly limited....download a publication off the internet. If this property is purely for personal use, no deductions are available. Mike Lewis, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
12-07-2003, 11:19 PM
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| Re: 2003 Full Depreciation on Office Equitment purchased in 2003 - quote - > I don't know if this is the right board or not, but....
It's been true for a while. It's called a Sec 179> I heard a rumor that if you purchase office equipment in > 2003, like computers, then the IRS is letting you depreciate > the whole thing this year. Is this true? deduction. You just have to know when to use it and when not to use it. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
12-07-2003, 11:00 PM
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| Re: 2003 Full Depreciation on Office Equitment purchased in 2003 pnvong123[at]hotmail.com (Phillip Vong) wrote: - quote - > I don't know if this is the right board or not, but....
Phil> I heard a rumor that if you purchase office equipment in > 2003, like computers, then the IRS is letting you depreciate > the whole thing this year. Is this true? If the office equipment is used in a trade or business it would be eligible for the Sec 179 expensing election. The Sec 179 limit was raised in 2003 from $25,000 to $100,000. The threshold for phaseout was also raised from $200,000 of eligible property purchased to $400,000. There are other rules having to do with taxable income. There are also special rules for employee's. Robert A Moore, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-07-2003, 10:40 PM
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| Re: 2003 Full Depreciation on Office Equitment purchased in 2003 Phillip Vong wrote: - quote - > I don't know if this is the right board or not, but....
No, it is not true. However, you might want to talk to your> I heard a rumor that if you purchase office equipment in > 2003, like computers, then the IRS is letting you depreciate > the whole thing this year. Is this true? tax preparer about the § 179 expensing election. /brian << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-04-2003, 04:51 AM
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| 2003 Full Depreciation on Office Equitment purchased in 2003 I don't know if this is the right board or not, but.... I heard a rumor that if you purchase office equipment in 2003, like computers, then the IRS is letting you depreciate the whole thing this year. Is this true? Thanks! Phil << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 2003, depreciation, equitment, full, office, purchased |
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