Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: mod who wrote (712)	2/14/1999 1:40:00 PM
From: robbie	Respond to of 1383

mod, I'll leave it at this - If your CPA is taking Sec. 179 on a Schedule C on which you report a loss, he is doing your return wrong. This limit has nothing to do with capital gains or losses either. The IRS does care how you fill out the forms and will not allow this. What your CPA probably does is expense capital items but not call it Sec. 179. He probably puts it in "Supplies" or "Repairs." This is incorrect also, but your chances of getting caught are slim. If you get audited though you will have to capitalize and depreciate these items, and pay the resulting tax, interest and penalties. Don't get me wrong, it's un-American not to gouge the IRS <g>. I believe the government may not be spending our tax dollars wisely <ggg>. Bottom line - it's OK to be wrong as long as you know you're wrong (regarding your tax return). Just always know what your liability will be if you are ever audited. Robbie P.S. Thanks for your info on the INDI thread.