stimulus act ?

Discussion in 'Heavy Equipment & Pavement' started by tnmtn, Mar 20, 2008.

  1. tnmtn

    tnmtn LawnSite Bronze Member
    from NE Tn.
    Posts: 1,021

    read a little about the new stimulus act and have a question. in the package it allows depreciation of 150% on new equipment purchsed in 2008. the question is is this just new or is used also included? i have seen it both ways in diffrent articles. i plan to check with my accountant but thought maybe someone here has already looked into this. also mentions length of time the equipment can be depreciated being extended. sounds like good stuff. thanks in advance for any info.
     
  2. buzzyng

    buzzyng LawnSite Member
    from OR
    Posts: 82

  3. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484


    I don't know about TN...but in IN the state gov only allows 25K a year in equipment dep...so you got hosed by paying the state everything you saved on your federal....:cry:
     
  4. tnmtn

    tnmtn LawnSite Bronze Member
    from NE Tn.
    Posts: 1,021

    thanks for the link buzz. good info
     
  5. ksss

    ksss LawnSite Fanatic
    Posts: 7,129


    In the past the accelerated depreciation schedules have not worked in my favor. According to my CPA, You either take more up front and less down the road or do it like normal. There was really no benifit to me at least. This new one maybe different. 150% would suggest getting more back than you paid for it. Interesting insentive to get people to move money.

    QPS, brother you need to move. I think the tax man sat his fat ass right on top of Indy.:dizzy:
     
  6. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    You don't know how true that is....the only bright spot is after freaking...(not the word I want to say)..years and years and the most screwed up assessment method of property, the taxpayers finally had enough last year...looked like the boston tea party in Indy...marching on the capital bldg. and so forth...basically the tax payers took over and drove the message home...either change it..or get you A$$ out and we'll vote the people in that will....short story, homeowners will be taxed 1% of the assessed value of there homes...rental property 2% and business's 3%...they raised the sales tax from 6-7% (which is fine by me) at least its a user tax that everyone has to pay....with this system in place my property tax should drop almost 50% next spring...:cool2:


    ***no comment on the avitar???..I'm dissapointed...........
     
  7. tnmtn

    tnmtn LawnSite Bronze Member
    from NE Tn.
    Posts: 1,021

    the 150% thing is what i was more concerned with over the time for depreciating. been looking at a truck but it is used so i guess that new to me isn't good enough. still be a good things for some other upcoming purchases.
     
  8. RockSet N' Grade

    RockSet N' Grade LawnSite Silver Member
    Posts: 2,454

    QPS...........noticed you have a new avatar. This particular avatar that is posted in the upper left hand corner of your replies........is.......different than the last one you had. I was going to write a long drawn out reply about your avatar being different, but I figured just this short acknowledgement may make it easier for you to sleep at night and focus during the day.....no need to be dissapointed......... :)
     
  9. ksss

    ksss LawnSite Fanatic
    Posts: 7,129


    Thanks RockSet, I actually did notice the new avatar but this one was hard to see exactly what was going on and so I did notice it being different, however I did not comment on it. I actually perferred the scared CAT to this buckeroo. I have yet to really figure out how that avatar thing works, I will have my I.T. people get on that and develop me a cool avatar.:cool2:
     
  10. topsites

    topsites LawnSite Fanatic
    Posts: 21,653

    I don't mean to blow the bubble but I agree also once you over-depreciate your equipment that nonsense bites you in later years!
    So in ways it's like a cash advance, I think it might be free of interest but it's still very much catch-22.

    At least for myself I have always had the option to depreciate any (or all) of my equipment any amount I want to, I could depreciate a brand new Ztr to its full extent the first year but then what happens is the next 15-20 years I get nothing more from it. And that would be the reason I have stayed clear of this, for fear of owning all worthless equipment then in later years what do I deduct?

    Just speaking for myself, I prefer the automatic pro-rated if standard deduction.
     

Share This Page