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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: mod who wrote (709)	2/14/1999 1:03:00 PM
From: robbie	Read Replies (1) \| Respond to of 1383

Consult your tax advisor - here is the wording: The maximum Code Sec. 179 deduction is $18,500 for 1998 and $19,000 for 1999. The maximum amount is reduced by a dollar for each dollar of the cost of the qualified property placed in service during the tax year over $200,000. The total cost of the property that may be expensed for any tax year cannot exceed the total amount of taxable income derived from the active conduct of any trade or business during the tax year. A deduction disallowed under this rule is carried forward an unlimited number of years subject to the ceiling amount each year. The IRS won't allow you to expense equipment without income to offset the expense. If they did, everyone would expense any asset they bought each year, up to the limit. Robbie