To address you questions:
- The grain bin is a 7 year life asset
- Section 179 has a taxable income limitation. You are only able to take Section 179 to the extent of your aggregate taxable income derived from the active conduct of all trades or businesses.
- Bullet number 2 is probably limiting your Section 179 deduction.
- Make sure you verify the amount that is listed on your 4562 line 11. This is your business income limitation figure.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
