Discussion:Section 179 - addition and disposal in same year.
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Discussion Forum Index --> Tax Questions --> Section 179 - addition and disposal in same year.
| 28 August 2006 | |
| Has anyone taken Sec. 179 on 5-Year MACRS property that was placed in service and disposed of in the SAME tax year. I could not find anything in the actual code section that strictly prohibits it.
But, I know that you cannot take a MACRS deduction when a asset is disposed of in the same year that it was placed in service. I would appreciate any input. | |
| 28 August 2006 | |
| Yes, I suppose it would be possible to claim Sec. 179 on such an asset. However, what would be the point? | |
| August 28, 2006 | |
| I think 280F is the recap section...don't quite figure why you'd go this way, except that you think you can still take it. And you can't. | |
| 19 March 2009 | |
| I have the same question as Chumikey but didn't quite understand the answers given. Can someone please clarify? | |
| March 19, 2009 | |
| The answer was there's no reason to expense the property if it was sold in the same year. | |
| 19 March 2009 | |
| It wasn't sold, in this case just taken out of service. Can't deduct anyway due to business income limitation. Thanks though! | |
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