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Posted by LoTax on February 2, 2007, 8:15 pm
Please log in for more thread options > Paul Thomas wrote:
>>> I am confused on the Section 179 Expense Deduction. I
>>> started a part time business at home in 2006. In 2006 I
>>> purchased a lathe for $7400 and normally I should depreciate
>>> the lathe over 5 years. Am I allowed to take about $3300 as
>>> a Section 179 and then rest will be deprecated over 5 years?
>> If you like, and otherwise qualify, yes. You can take,
>> subject to all the limitations, Section 179 expense election
>> on part of your equipment and take regular depreciation on
>> the rest.
> All of which just goes to show you, with 7400$ item, you
> have about 14,800 combinations of sec 179 and depreciation
> at either 5 or 7 years; your choice.
Seems to me, with a $7400 item, you have about 7,400
combinations of sec 179 and depreciation. Where you headed,
Harlan?
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