turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can i delete old Assets that i took the full Section 179

I have assets from previous tax years that show up on my current asset list. This makes sense to me for the assets that i'm depreciating the value over time. However, If they are assets that i took the full section 179 deduction, can i simply delete them from the list? Or should i still keep them there? If so, I'm curious to know what is the benefit of keeping them on the list? Thank you. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
AnnetteB6
Employee Tax Expert

Can i delete old Assets that i took the full Section 179

You should keep them on the list until they would have been fully depreciated if you had chosen to depreciate them instead of use the Section 179 deduction.  

 

In the event that an asset is taken out of service before the time it would have been fully depreciated, recapture of Section 179 may apply.

 

Take a look at the following TurboTax help article to learn more:

 

What is a Section 179 recapture?
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
AnnetteB6
Employee Tax Expert

Can i delete old Assets that i took the full Section 179

You should keep them on the list until they would have been fully depreciated if you had chosen to depreciate them instead of use the Section 179 deduction.  

 

In the event that an asset is taken out of service before the time it would have been fully depreciated, recapture of Section 179 may apply.

 

Take a look at the following TurboTax help article to learn more:

 

What is a Section 179 recapture?
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question