Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-22-2009, 05:21 PM
Junior Member
 
Join Date: Mar 2009
Posts: 1
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Section 179 deduction mlci S-Corporation 0 03-11-2009 07:10 PM
Deduction of property used in rental property mhrobinson3 Rental Real-Estate 4 01-20-2009 11:57 AM
section a of the w4 bommer113 Income 0 06-06-2008 12:54 PM
Section 179 Eligability glassandgear Depreciation 4 12-23-2007 11:41 PM
Depreciation Deduction-Section 179 kapriati Miscellaneous 1 01-21-2007 09:22 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.