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Can a section 179 equipment purchase that generates a loss for the sole proprietor be rolled over into the owner's W2 wages reducing their overall AGI?
For example my sole proprietorship has a gain of $10,000 but also have w2 income from another full time job of $100,000. If I buy a new diesel 2500 costing $70,000. Will that reduce my taxable income from my normal W2 job?
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‎December 31, 2020
8:24 AM