Archived posting to the Leica Users Group, 2009/12/27

[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]
Subject: [Leica] year end mad dash to spend $$$ or pay taxes on it
From: red735i at earthlink.net (Frank Filippone)
Date: Sun, 27 Dec 2009 21:12:25 -0800
References: <9F07836ED74F1C42AA69DFBAF8A1E2F1374B4499D1@MBX1.asc.local> <3cad89990912271924g7e0d17f4sd5931c7a7848d552@mail.gmail.com> <806703.875.qm@web82104.mail.mud.yahoo.com>
 
I'm not a tax guy, but I thought autos were a special case, and full Sec 179
depreciation was not allowed on them?

Frank Filippone
red735i at earthlink.net


I think what Reuters is referring to is the section 179 deduction in lieu of
depreciation. You can deduct the full value of the asset(s) up to $250,000
in the year of purchase: you don't have to depreciate the asset over its
useful life (there are exceptions of course; consult your tax preparer).
In 2010 the section 179 deduction is scheduled to be dropped to $25,000.
So buy multiple M9s, MF backs, D3s, lenses, printers, pack mules (I deducted
my SUV in the year of purchase!), etc.
In reply to: Message from kcassidy at asc.upenn.edu (Kyle Cassidy) ([Leica] year end mad dash to spend $$$ or pay taxes on it)
Message from jayanand at gmail.com (Jayanand Govindaraj) ([Leica] year end mad dash to spend $$$ or pay taxes on it)
Message from rgacpa at yahoo.com (Bob Adler) ([Leica] year end mad dash to spend $$$ or pay taxes on it)