Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Daphne who wrote (990)	4/11/1998 9:23:00 PM
From: Colin Cody	Read Replies (1) of 5810

If filing as investor (expenses on Schedule A) can: 1. Sec 179 be taken? NO, SEC 179 REQUIRES A MINIMUM OF 50% USEAGE IN A TRADE OR BUSINESS. 2. Can a home Office deduction be taken for rent and utilities NOT IN MY OPINION, GENERALLY - BUT IF YOU ARE MAKING BIG $$$ AT IT AND YOU HAVE A TRULY SERIOUS AND DEDICATED OFFICE ENVIRONMENT SET-UP, THEN I'D LIKELY CONSIDER IT. DEDICATED UTILITIES...??? YES 3. How is the sale of an asset that has been depr. on sch. A Treated? Do I file 4797? YES, I BELEIVE SO If yes where would the loss flow to( I already know it will be a loss) FORM 1040 LINE 14 Colin

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