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

To: mod who wrote (716)	2/14/1999 2:18:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

mod, I added to my reply #715 which you missed when replying to it before it was updated on S.I. Robbie posted the correct law "The Code". But the Regs clarify the Code and spell it out some more. You may indeed have a loss showing on a Sch C and still be allowed Sec 179 with respect to that particular Sch C if you have net taxable income as defined. Again, this gray area should be discussed with your own tax advisor. Colin

To: mod who wrote (716)	2/14/1999 2:42:00 PM
From: Colin Cody	Respond to of 1383

mod, As an additional afterthought -- §179 and depreciation is limited further by the "Listed Property" rules. [If "listed property" placed in service is not used predominantly (more than 50%) in a qualified business use during any tax year, a §179 deduction for the property is denied.] The listed property placed in service to which the predominant use rules apply includes the following: • any passenger automobile • any other property used as a means of transportation; • any property of a type generally used for entertainment, recreation, or amusement (includes property such as photographic, phonographic, communication, and video recording equipment); • any computer and related peripheral equipment, except for any computer (including peripheral equipment) used exclusively at a regular business establishment and that is owned or leased by the person operating the establishment; a regular business establishment includes a portion of a dwelling unit if, and only if, that portion is used both regularly and exclusively for business; • any cellular telephone (or other similar telecommunications equipment); • any other property to be specified by regulations.