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 $3300 as a Section 179 and then rest will be deprecated over 5 years? Thanks
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"Carbonite" wrote
If you like, and otherwise qualify, yes. You can take, subject to all the limitations, Section 179 expense election on part of your equipment and take regular depreciation on the rest.
-- Paul A. Thomas, CPA Athens, Georgia
All of which just goes to show you, with 7400$ item, you have about 14,800 combinations of sec 179 and depreciation at either 5 or 7 years; your choice. ChEAr$, Harlan Lunsford, EA n LA
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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