Reg in July section 179 expense

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  • July 5, 2011 at 7:04 pm #160749
    Anonymous
    Inactive

    So I have reg in 2 days and am not sure what amount I need to know for the 179 expense. The amounts (three of them) that I have found in my review book and online are 25,000, 250,000, and 500,000 each with there own cap as to maximum amount of property. Anyone know which one of these numbers i should use?

    Anything helps…thanks.

Viewing 10 replies - 1 through 10 (of 10 total)
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  • July 5, 2011 at 7:11 pm #290713
    Anonymous
    Inactive

    I think it depends on the tax year specified in the question.

    July 5, 2011 at 7:11 pm #290714
    rknight21
    Participant

    in my current business taxation class the professor thought us 250,000 which is also used in our 2011 book but then again there are questions in there with 2009 dates

    July 5, 2011 at 7:37 pm #290715
    Anonymous
    Inactive

    Thanks. I guess i will go with the 250 and hope it is one of the answers.

    July 5, 2011 at 10:46 pm #290716
    Jersey
    Member

    For both 2010 and 2011, the limit is $500k with a $2m limit on total property.

    See: https://www.section179.org

    July 24, 2011 at 7:17 pm #290717
    WhyMe23
    Participant

    So which one should we use if it says 2010? I am not sure whether the 250,000/800,00 is still being tested or the 500,000/2mil

    B - 85 (5/31/11)
    A - 93 (7/1/11)
    R - 87 (7/29/11)
    F - 77 (8/31/11)

    July 24, 2011 at 7:30 pm #290718
    yankeeaccountant
    Participant

    I am confused too. But it looks like the Small Business Act of 2010 which was enacted in September 27, 2010 contained the changes to the Sec 179 amounts. The Yaeger cram and Becker both use the 800,000/250,000 figures. So, isn't that enough time for the exam to have adopted the changes? isn't it usually 6 months?????

    July 24, 2011 at 7:33 pm #290719
    jomarie
    Participant

    I would go with the 500,000/2M

    Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
    AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
    REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
    FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
    BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
    After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

    July 24, 2011 at 7:34 pm #290720
    yankeeaccountant
    Participant

    I searched the AICPA website and found this info, which reiterates the new 500,000/2,000,000 limits

    https://www.aicpa.org/INTERESTAREAS/TAX/NEWSANDPUBLICATIONS/TAXNEWS/Pages/20110114.aspx

    I wonder what Jeff thinks about this one?

    July 24, 2011 at 10:02 pm #290721
    WhyMe23
    Participant

    Thanks for looking that up, I was thinking the new rules but then I just had a question on a final exam go against me so I'm confused. People who have taken the exam in July said to go with 2010 numbers (I think?) but I am not sure about recently changed 2010 numbers such as this one.

    Guess I will go with the 500,000/2mil if it comes up and hope for the best.

    B - 85 (5/31/11)
    A - 93 (7/1/11)
    R - 87 (7/29/11)
    F - 77 (8/31/11)

    July 24, 2011 at 10:09 pm #290722
    yankeeaccountant
    Participant

    thanks Jomarie…and thanks Whyme23 for bringing up a good point for the exam. I don't think I would have noticed it as much if you didn't point it out. Same thing goes for the alimony recapture—belated thanks Jomarie–that was a helpful post as well.

    I need all the help I can get!!!

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