Illinois 179 depreciation

[arlo]

Taxwise depreciation software says that Illinois has a limit of 25,000 for 179 depreciation.
I cannot find if you exceed the Illinois limit of $25,000 of 179 depr. that you have to add back the excess to the Illinois return.. It talks about adding baxk 30% & 50% depreciaion but not 179. I cannot even find where there is a $25,000 179 limit or not. It talks 100% bonus depreciation not having to be added back. Is the 100% bonus depreciation in fact the179 depreciation? Any Illinois help would be appreciated. I will wait your answer to see if I am in trouble for not paying attention to this.

[ChEAr$]

I shall also follow this with interest, even though my IL client has yet to send his tax stuff. But he did buy a big machine last year.

[arlo]

Chears Illinois 179 depreciation

Chears, Do you use Taxwise software? If so, I found an interesting thing about the excess 179 depr, It shows up
on the TW Depreciation Schedule be depreciated although the depreication TOTALS do not include it. I thought that to
be strange thinking maybe I need to do something about it. As I said before I have never adjusted Illinois Income to reflect the excess 179. I have one farmer that I have had for several years that every year there is Illinois excess 179.
The reason I questioned it this year is that I have picked up another farmer and want to make sure I am doing the return correctly. if not I had better increase my liability insurance. So I hope I get some more responses before I call the Illinois Department of Revenue. (an hour wait)

[ChEAr$]

Use Drake down hear.

I've not yet looked into it, but will when time to prepare the return.

Have you yet accessed the IL DOR web site? might be an answer there.

I've already made a note in client's file to check this out, so I can make sure I
adhere to my moniker "ChEAr$", and save the guy big $$$$$.

[arlo]

Illinois 179 depreciation

I have checked the IDR. Form IL4562 instructions Form M Adjustments instructions and the Illinois Income Tax Act.
I am going to call the IDR within the next few days. Will you posted

[arlo]

Illinois 179 depreciation

If you search "Illinois Depreciation law Section 179" You will find a web site that list all states and how they handle 179 depreciation Illinois allows the Federal Deduction.

[ChEAr$]

If you search "Illinois Depreciation law Section 179" You will find a web site that list all states and how they handle 179 depreciation Illinois allows the Federal Deduction.

Danke sehr,
Mein Herr!