Section 179 on car for rental property using w2 income Late in 2014 I bought a car and used it to look for a rental property, which I bought in November of 2014.
I made a lot of improvements and repairs, and none of it was eligible (I think) for any deductions. I first posted the property on Craigslist for rent on December 7th, 2014 (start date for tax purposes, Francis v. Comm'r., TC Memo 1977-170)) property didn't rent or generate income until January 1st 2015.
I was wondering if I could do section 179 to deduct the full cost of the car from the income I generated on my w2 (since my property did not have a chance to generate any taxable income). The cost of the car was $11,000 and I paid over $11,000 in federal income tax in 2014 on my w2.
Can I go back and re-file for 2014 file for section 179 and to get back for taxes I paid from my W-2 income? |