Discussion:Sec. 179 Amend to Depreciation?

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Discussion Forum Index --> Tax Questions --> Sec. 179 Amend to Depreciation?

Susan77 (talk|edits) said:

14 April 2006
Prior accountant took full sec. 179 on new assets purchased in 2004, resulting in a $54,000 Sch. C loss. Client did not need the loss last year, but needs additional deductions in 2005. Is it okay to amend 2004 return to change sec. 179 to depreciation for assets purchased in 2004?

Jmb1007 (talk|edits) said:

14 April 2006
Yes see pub 946 page 22 revoking an election

Tess (talk|edits) said:

14 April 2006
Is it possible that some of the section 179 carried over if his loss was that large? Also was an election filed to carry forward any NOL?

Susan77 (talk|edits) said:

14 April 2006
No, none of the sec. 179 was carried over. There was enough W-2 income that there was still a small taxable income.

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