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Business & farm
@kobiBear wrote:
Would the Section 179 deduction be applicable to a person, not a LLC in this case?
No.
See https://www.irs.gov/publications/p946#en_US_2022_publink1000299339
The total cost you can deduct each year after you apply the dollar limit is limited to the taxable income from the active conduct of any trade or business during the year.
‎January 12, 2024
2:03 PM