My wife is starting a home baking business (LLC). Everywhere I go to read what qualifies as Section 179 property seems to simply quote the IRS definitions, especialy "machinery and equipment". What I would like to know is whether or not all the baking equipment, e.g. cake pans, cake decorating equipment and tools, will be eligible for Section 179 treatment? Thanks.
Dave
Hi all thanks for the sec 179 explanation. You mentioned that a section 179 deduction can not be taken if there is a net loss. But What if it is a Married fileing Joint return, and the other spouse has a regular wage. Can the sec 179 duduction still be taken against the spouse's income ?
Yes, unless you hit an uncommon exception. See instructions for line 11, Form 4562.
-Mark Bole
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