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
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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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