Discussion:Section 179 Expense Advanced Payment
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Discussion Forum Index --> Consumer Questions --> Section 179 Expense Advanced Payment
| 27 November 2005 | |
| I bought equipment in 2004 for $3500, but did not receive the equipment or place it into service until 3/2005. Does my accumulated depreciation start in 2004 when I bought it, or 2005? | |
| 30 November 2005 | |
| Depreciation must start on 03/2005, the year placed in service. Use form 4562.
In my view, you cannot elect the First-Year Expensing deduction, Section 179. That option is valid for equipment purchased and placed in service in the same year. Orlando | |
| 2 December 2005 | |
| Section 179 deduction would be OK in 2005. The $3,500 is treated as a deposit in 2004. | |
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