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Old 04-06-2019, 02:31 PM
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Section 179

Hi! I have a cello (musical instrument) that was very costly and I use for my work as a professional freelance musician. I have been deducting its cost over many years with my Canadian taxes as a Capital Cost Allowance. Now that I am a resident of the US I am not sure what numbers I put where for section 179.
On my Canadian return I deducted $971 Cdn leaving an undepreciated capital cost of your cello to be $3,884 Cdn.



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Old 04-06-2019, 08:03 PM
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under Section 179 ,small businesses re allowed to elect to depreciate the entire cost in the year of purchase. in one year, rather than depreciating them over a longer period of time. So, there can be a benefit to taking the full deduction for the cost of the cello immediately, rather than being required to spread out the deduction over the item's useful life. You will need records on the date of purchase, date, you started using the property, and all costs associated with the purchase. basically, you need to
talk with your tax advisor, an irs enrolled agent/ a cpa in your local area about how these changes might impact your individual situation on your fed/state return..i mean if you can elect to depreciate the entire remaining cost of the cello in one year (I guessso) on your first US return



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