JotikaT2
Employee Tax Expert

Business & farm

While your business has an overall loss, you can still elect to take section 179 on purchased assets.  However, your section 179 deduction should not be deducted in the current year. Instead it should be carried over to next year.  It will be reflected on Form 4562, line 13.  Please see the excerpt below from IRS Publication 946.

 

 

@huntinad 

 

 

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