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Qualifying Income For Sec. 179
Q:
I am considering a year end purchase of a lease back sailboat. I am retired and my only income is taxable capital gains on real estate investments sold during 2005. Can Section 179 be used to offset real estate capital gains?
Thx,PS Your web site is very useful.
A:
Schedule D income cannot be offset with a Section 179 expense deduction; but gain reported on Form 4797 (usually for depreciation recapture) can be used against Sec. 179.
If this is going to be a regular thing, you may want to consult with your personal tax advisor about using a C corporation to enable you to offset capital gains and losses on your boat rental business.
Good luck.
Kerry Kerstetter
Labels: 179
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/05/2006 12:23:00 PM Send this post:
