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campose58
New Member

Opened a business 2015 closed same year can i take section 179 in full for all 7 assets less than 2,500 each, gross receipts 4,300?

I am confused because the section says it can be taken the same year as long as i continue to use it the following year but my business is closed... can someone please provide some guidance?

1 Reply
DianeW
Expert Alumni

Opened a business 2015 closed same year can i take section 179 in full for all 7 assets less than 2,500 each, gross receipts 4,300?

No.  It does seem a bit confusing I agree, the rules for assets placed in service and removed from service in the same tax year have a special rule.

  • Excepted PropertyEven if the requirements are met for depreciable property, you cannot depreciate the following property.
    • Property placed in service and disposed of in the same year.  
    • Property converted from business use to personal use in the same tax year acquired.

If they are sold at a gain there will be a taxable gain, if sold at a loss there is no deductible loss.


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