Need help on tax write off of mower equipment

Discussion in 'Business Operations' started by Sooners, Jan 25, 2002.

  1. Sooners

    Sooners LawnSite Member
    Posts: 190

    Can anyone tell me how many years mowing equipment can be depreciated using the straight line method? I looked at the IRS web site and thought it might be 5 or 7 years. Seven years just looks like too long of a life expectancy.
     
  2. 65hoss

    65hoss LawnSite Fanatic
    Posts: 6,360

    I don't remember what it is, but you can write off all of it to the max limit. For 2000 it was $20k. For 2001 it is $24k. Its called Section 179.
     
  3. Section 179 is the way to go. Write it off in one year. See form 4562 for details/limits
     
  4. Sooners

    Sooners LawnSite Member
    Posts: 190

    Thanks for the 179 tip. I had planned on doing that on some items, but for my tax purposes I want to write my ZTR and trailer off for more than 1 year to lower my income somewhat in the following years.
     
  5. Most lco's are better to write of an item like that in one year. Vehicles and other items like due to probable payments that will be made.
     
  6. For longer term depreciation still use form 4562. I believe the asset life of a mower is 7 years. Double check that in pub 946. The form 4562 and inst. are available on the IRS web site. For pub 946 several sites have it on line to view.
     
  7. dmk395

    dmk395 LawnSite Bronze Member
    from Ma
    Posts: 1,003

    Your best bet is to go get an accountant.
     
  8. MATTHEW

    MATTHEW LawnSite Senior Member
    from NE OHIO
    Posts: 665

    I did the 179 thing for my new spray unit last year.
    It's nice-until next year.
     
  9. GroundKprs

    GroundKprs LawnSite Bronze Member
    Posts: 1,969

    A good accountant's general advise: use Sec 179 to the limit as much as possible. You may think that you have everything you need now, but there will always be something you need in the future to add to your business. For exact individual guidelines, go to a good accountant.
     

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