How would I enter the 179 depreciation thing for my new "used" tank?

34moreImhittingthedoor — Mon, 03 Jun 2019 18:46:34 GMT

OK, so a few years ago, TurboTax helped me file my taxes when I opened my tank rental business. Everything has been great the past few years and I've had no troubles filing.

In 2017, I bought a 1945 awesome hulking tank to rent and let people drive around the course. It is an awesome course and you can crush cars and everything.

Anyway, it is an old tank but new to me. But I just bought it, can I depreciate all of it or the 50% of it allowance? I just don't want to go to jail.

Thanks so much!

Add your asset under the Business Assets section of our S...

PaulaM — Mon, 03 Jun 2019 18:46:35 GMT

Add your asset under the Business Assets section of our Schedule C Business to begin depreciating your new tank. TurboTax will walk you through the steps.

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves (from www.section179.org).

Link for 179 deduction in 2017 - http://www.section179.org/2011_section_179_expense_deduction.html

So, what is qualifying equipment? See this - http://www.section179.org/property_that_qualifies_for_section_179.html

https://ttlc.intuit.com/replies/5387864

topic How would I enter the 179 depreciation thing for my new "used" tank? in Business & farm

How would I enter the 179 depreciation thing for my new "used" tank?

Add your asset under the Business Assets section of our S...