My first year in business; I purchased business assets and my income was half of my asset purchases, plug I had business expenses. How do I delay depreciation to next yr?

jenniferljl-gmai · ‎July 14, 2020

*plus.
I don't know what section 179 is or special depreciation. "Qualified property for economic stimulus" makes my eyes cross. What is this gibberish?

AnnetteB6 · ‎July 15, 2020

You cannot delay the depreciation to start in 2020 if the assets were placed in service for your business in 2019. If they were purchased in 2019, but you did not start using them until 2020, then you would enter the asset on your 2020 return since that is when it was placed in service.

The section 179 or special depreciation options allow you to deduct the cost in full in the year that you purchase the new asset. Since your business is just getting started, it would probably be better for you to depreciate the assets over time instead of all at once.

To learn more, see the following TurboTax article: What is a Section 179 deduction?

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My first year in business; I purchased business assets and my income was half of my asset purchases, plug I had business expenses. How do I delay depreciation to next yr?

My first year in business; I purchased business assets and my income was half of my asset purchases, plug I had business expenses. How do I delay depreciation to next yr?