@ Jeff, I stand corrected, you did NOT say $125K!
Per NINJA NOTES for SECTION 179 EXPENSES:
“For New/Used equipment placed into service between January 1, 2012 and December 31, 2012
Max Deduction: $139,000
Max Total Equipment Purchases for 2012: $560,000″
vs.
Per Becker R3-28, Section 179 Expenses 2012 Rules” The limit is $125,000 of new or used personal property that is acquired from an unrelated party during the year.” With total max for 2012: $500,000
vs.
Per IRS Pub 946 (2012):”Dollar Limits: The total amount you can elect to deduct under section 179 for most property placed in service in 2012 generally cannot be more than $500,000. If you acquire and place in service more than one item of qualifying property during the year, you can allocate the section 179 deduction among the items in any way, as long as the total deduction is not more than $500,000. You do not have to claim the full $500,000. Qualified real property (described earlier) that you elected to treat as section 179 real property is limited to $250,000 of the maximum deduction of $500,000 for 2012. ” https://www.irs.gov/publications/p946/ch02.html#en_US_2012_publink1000107410
OK, i'm confused. I thought that the original $125K was retroactively increased to $500K (sometimes in Jan 2013) and that is the amount that we now find in Pub 946 + web site I've posted earlier, but where the heck from came $139/560?! What amounts are you guys using for Sect 179?
Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂
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