Announcement

Collapse
No announcement yet.

179 Deduction

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    179 Deduction

    Is Section 179 expense deduction available for when personal use property is converted to otherwise qualified business use property? I can't find anything anywhere that specifically says yes.
    Tags: None
    #2
    Originally posted by KWF View Post
    Is Section 179 expense deduction available for when personal use property is converted to otherwise qualified business use property? I can't find anything anywhere that specifically says yes.
    What type of property?

    Check the exceptions at https://www.irs.gov/publications/p94...link1000107404
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

      #3
      No. In order to be eligible for the ยง179 deduction, property has to be "purchased." It can't be personal use property already owned by the taxpayer.
      Roland Slugg
      "I do what I can."

      Comment

      Previous template Next

      Disclaimer

      Collapse

      This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

      Working...
      X