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Section 179 depreciation

LB56
Level 3

I put in an asset for $20,748 and clicked Section 179 deduction for the entire amount and it is not showing up anywhere on the tax return (client has a loss). Is there a carry forward for this ?

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5 Replies 5
PATAX
Level 13

You may want to look into the following ... I believe the Section 179 deduction is limited to the taxpayers aggregate taxable income derived from the active conduct of all trades or businesses. Taxable income is computed without regard to any Section 179 deduction and other items. Look this up and you will see the details. Hope it helps you. Just my opinion

abctax55
Level 15
To add to what @ PATAX said, W-2 income is considered T&B for §179.

#StandWithUkraine
abctax55
Level 15

OT  @PATAX 

I see she gets to ride in the front seat 🙂  Post a face shot if you get a chance; I want to see her eyes.

I make Juno stay in the back; she doesn't really like it tho.


#StandWithUkraine
PATAX
Level 13
She loves to sit up front so she doesn't miss anything. I will try to post close up, but they limit the size of picture.
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abctax55
Level 15

I know... I wish I could post the entire picture of Juno that her 'head shot' came from.  I had to crop it down.


#StandWithUkraine