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Old 03-22-2009, 05:21 PM
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Disposal of Section 179 Expensed Property

My husband's LLC for which we file a Schedule C had listed property (computer peripheral) for which we took a Section 179 expense deduction in 2006. The peripheral broke (out of warranty) in a way that makes it not satisfactory for business use (although it still partially functions) and he replaced it with a new item for which I plan to take a Section 179 expense deduction for 2008. Do I need to report the disposition of the 2006 purchase in some way? It is currently unused. He may give it away, but has not done so as of yet. What if we simply throw it out?

When a depreciated or expensed asset is taken out of service, do recapture provisions come in to play if nothing is received for the asset?

Thanks.



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