Section 179 depreciation deduction financial definition of Section 179 depreciation deduction
Section 179 (redirected from Section 179 depreciation deduction)
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An alternative to depreciation
, which is a way of deducting expenses
gradually over an asset's useful life
. Under Section 179, one may deduct the entire cost of the certain assets in the year they were purchased (or put into service). One may not use Section 179 for certain assets, notably real estate
References in periodicals archive
The Section 179 depreciation deduction
allows taxpayers to deduct the full purchase price of qualifying financed or leased equipment that was placed into service during the tax year the deduction is taken.
In 2013, the maximum Section 179 depreciation deduction
is $500,000 and begins to phase out when assets placed in service during the year exceed $2 million.
I believe that the Section 179 Depreciation Deduction
for Passenger Cars is $10,610 in the first year of purchase (page 57/58 of IRS Publication 946).