Section 179 Property

Section 179 Property

Real estate or personal property purchased specifically for investment or business purposes in the United States. Expenses on Section 179 property are tax deductible up to a certain level, which changes each year. However, one must declare that such property should be given Section 179 tax treatment by filing Form 4562.
References in periodicals archive ?
Under the current legislation, automatic sprinklers could be treated as Section 179 property under the tax code.
It is important to note, the $250,000 amount provided under the new law is reduced if the cost of all section 179 property purchased and placed in service by the business during the tax year exceeds $800,000.
This limit is reduced by the amount by which the cost of Section 179 property placed in service in the tax year exceeds $800,000.
Under the 2008 Economic Stimulus Act, a qualifying business can expense up to $250,000 of section 179 property purchased by the taxpayer in a tax year beginning in 2008.
Businesses adding more than $200,000 of IRC section 179 property during the year must reduce the maximum election dollar for dollar above $200,000.