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Q:
Subject: Section 179 Deductions
I've been studying this section all day, and according to EVERYONE on the internet, a self-employed taxpayer may take a one-time deduction of up to $25,000 on a 6000+ lb. vehicle in the year the vehicle was put into service. BUT, according to the IRS, and 3 CPA's, who I have been on the phone with ALL DAY LONG, no such deduction exists! Where can I find this in an IRS publication? TaxGuru, help me please!
Respectfully,
Debbie
A:
Debbie:
If you go to my blog (www.TaxGuru.net) and use the search tool at the top to look for 179, you will see dozens of postings on this very topic. You can also see it described on my main website at:
http://www.taxguru.org/incometax/Rates/Sec179.htm
Since you don't seem to be doing very well at finding a tax pro who is very current on important tax topics, you should also check out my guide to finding a good tax advisor at:
http://www.taxguru.org/incometax/prepare.htm
Good luck.
Kerry Kerstetter
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 12/29/2004 09:40:00 PM Send this post:
