I have a section 179 expense deduction disallowed from a business that I previously owned. The bus. went in the red and was closed. What do I do about the 179 deduction?
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I have a section 179 expense deduction disallowed from a business that I previously owned. The bus. went in the red and was closed. What do I do about the 179 deduction?

 
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I have a section 179 expense deduction disallowed from a business that I previously owned. The bus. went in the red and was closed. What do I do about the 179 deduction?

If you are referring to assets that were not used up before its usable life the IRS applies the regular MACRS depreciation to the asset, and the difference between this amount and the amount of the 179 deductions taken will need to be reported as income.

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