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#2
02-03-2007, 12:15 AM
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 Re: Section 179 Expense Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote: - quote - > Paul Thomas wrote:
Seems to me, with a $7400 item, you have about 7,400> > "Carbonite" <swbudn...[at]gmail.com> wrote > > > I am confused on the Section 179 Expense Deduction. I > > > started a part time business at home in 2006. In 2006 I > > > purchased a lathe for $7400 and normally I should depreciate > > > the lathe over 5 years. Am I allowed to take about $3300 as > > > a Section 179 and then rest will be deprecated over 5 years? > > If you like, and otherwise qualify, yes. You can take, > > subject to all the limitations, Section 179 expense election > > on part of your equipment and take regular depreciation on > > the rest. > All of which just goes to show you, with 7400$ item, you > have about 14,800 combinations of sec 179 and depreciation > at either 5 or 7 years; your choice. combinations of sec 179 and depreciation. Where you headed, Harlan? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-01-2007, 12:58 AM
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| Re: Section 179 Expense Paul Thomas wrote: - quote - > "Carbonite" <swbudnack[at]gmail.com> wrote
All of which just goes to show you, with 7400$ item, you> > I am confused on the Section 179 Expense Deduction. I > > started a part time business at home in 2006. In 2006 I > > purchased a lathe for $7400 and normally I should depreciate > > the lathe over 5 years. Am I allowed to take about $3300 as > > a Section 179 and then rest will be deprecated over 5 years? > If you like, and otherwise qualify, yes. You can take, > subject to all the limitations, Section 179 expense election > on part of your equipment and take regular depreciation on > the rest. have about 14,800 combinations of sec 179 and depreciation at either 5 or 7 years; your choice. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-31-2007, 09:12 PM
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| Re: Section 179 Expense "Carbonite" <swbudnack[at]gmail.com> wrote - quote - > I am confused on the Section 179 Expense Deduction. I
If you like, and otherwise qualify, yes. You can take,> started a part time business at home in 2006. In 2006 I > purchased a lathe for $7400 and normally I should depreciate > the lathe over 5 years. Am I allowed to take about $3300 as > a Section 179 and then rest will be deprecated over 5 years? subject to all the limitations, Section 179 expense election on part of your equipment and take regular depreciation on the rest. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-31-2007, 02:11 AM
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| Section 179 Expense I am confused on the Section 179 Expense Deduction. I started a part time business at home in 2006. In 2006 I purchased a lathe for $7400 and normally I should depreciate the lathe over 5 years. Am I allowed to take about $3300 as a Section 179 and then rest will be deprecated over 5 years? Thanks << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 179, expense, section |
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