2010 179 deduction

[JenMO]

TTB says 179 deduction is down to $134,000. For 2010, is there still the 1st year 50% write off for new equipment and 20 year buildings?

[Black Bart]

Jen,

Last I heard was that it expired December 31, 2009. I've read that various groups are lobbying Congress to get it reinstated.

[Gene V]

Don't know if this means much--The draft from 4562 is still showing $250,000 for Sec. 179
and they still have the bonus depr. on the form.

http://www.irs.gov/pub/irs-dft/f4562--dft.pdf

[Bees Knees]

TTB update on 3/22/2010 shows that the $250,000 was extended for 2010.

http://www.thetaxbook.com/updates/thetaxauthority_update_service/pdf/cumulative/2009edition/9-1.pdf