Skip to main content
Search
Wednesday, January 14 2015

Section 179 property is property that you acquire by purchase for use in the active conduct of your trade or business, and is one of the following.

  • Tangible personal property, including cellular telephones and similar telecommunications equipment.

  • Qualified section 179 real property.

  • Other tangible property (except buildings and their structural components) used as:

    1. An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electricity, gas, water, or sewage disposal services;

    2. A research facility used in connection with any of the activities in (1) above; or

    3. A facility used in connection with any of the activities in (1) above for the bulk storage of fungible commodities.

  • Single purpose agricultural (livestock) or horticultural structures.

  • Storage facilities (except buildings and their structural components) used in connection with distributing petroleum or any primary product of petroleum.

  • Off-the-shelf computer software placed in service before January 1, 2015.

Section 179 property does not include the following.

  • Property held for investment (section 212 property).

  • Property used mainly outside the United States (except for property described in section 168(g)(4)).

  • Property used mainly to furnish lodging or in connection with the furnishing of lodging (except as provided in section 50(b)(2)).

  • Property used by a tax-exempt organization (other than a section 521 farmers' cooperative) unless the property is used mainly in a taxable unrelated trade or business.

  • Property used by a governmental unit or foreign person or entity (except for property used under a lease with a term of less than 6 months).

  • Air conditioning or heating units

2014 Without changes: Deduction Rules Extension and Real Estate Expenditures.

  • The maximum Section 179 dedcution is scheduled to be only $25,000
  • The phase-out threshold is scheduled to fall to $200,000, and
  • The Section 179 deduction privilege for real estate expenditures is set to no longer be available.
Posted by: Sync Merchant Services AT 07:46 pm   |  Permalink   |  0 Comments  |  Email
Comments:

Post comment
Name
 *
Email Address

Message
(max 750 characters)
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.

Was this information helpful?
Submit
Information Page

Tax 101  

Advertising