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Old 12-14-2011, 09:22 AM
khutch khutch is offline
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Depreciate or Section 179?

Bought a $2700 aerator this year. How to you spread out the depreciation? When I started as a S-Corp years ago my CPA did everything. Now life is easier and I just plug in the numbers. I know I could take it as a Section 179, but this was not the greatest year and I don't need that big deduction. So curious how you spread it out, is it 3, 5 or 7 year property and is it equal deductions each year?
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Old 12-14-2011, 09:41 AM
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Kelly's Landscaping Kelly's Landscaping is offline
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You can carry over the unused deductions from year to year. I have about 140k worth of them atm.
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Old 12-14-2011, 09:44 AM
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KeystoneLawn&Landscaping KeystoneLawn&Landscaping is offline
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I would take it all this year. I only carry what is required by law. IMO, spreading it over years just cost time, time is money spent when it could have done years ago. That's just me.
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Old 12-15-2011, 07:04 AM
ralph02813 ralph02813 is offline
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Quote:
Originally Posted by khutch View Post
Bought a $2700 aerator this year. How to you spread out the depreciation? When I started as a S-Corp years ago my CPA did everything. Now life is easier and I just plug in the numbers. I know I could take it as a Section 179, but this was not the greatest year and I don't need that big deduction. So curious how you spread it out, is it 3, 5 or 7 year property and is it equal deductions each year?


http://www.irs.gov/pub/irs-pdf/p946.pdf
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Old 12-15-2011, 10:39 PM
Smallaxe Smallaxe is offline
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As a tax guy I would suggest that unless you need the tax deduction this year, it is best to take over a period of time... 5 year property for that type of equipment is usually a sound decision...

By the sound of it, you really don't want to waste the deduction on this year, since it wasn't a particularily profitable year...

These depreciation amounts do add up to benefits as the years go by...
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