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Q:
Quick question for you..I want to buy two rv’s and start an rv rental business..can I immediately expense the full cost of both rv’s on my 2005 taxes and reduce my taxable income. I had read where there was a limit in the deduction that says if the business makes 25K that’s all you can write off..not the 105K.. Thank you kindly…
A:
It's impossible for me or anyone to know how much, if any, you will be able to claim for Section 179 without looking at various factors, including the level and type of other taxable income, as well as th total cost of new Section 179 assets you have purchased during the tax year.
While I have covered these points in a very general sense on my website, that is not in any way intended to replace the use of a qualified tax professional.
Good luck.
Kerry Kerstetter
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/18/2005 02:20:00 PM Send this post:
