Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-02-2012, 01:51 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
What property is excluded from Section 179 Deduction in 2011?

Per the IRS, the following property does not qualify for Section 179 Deduction, as shown below;
  1. Property held for investment (section 212 property).

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

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

  4. 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.

  5. 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).

  6. Air conditioning or heating units.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


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
What are the Section 179 Deduction limits for 2011 and 2012? TaxGuru Depreciation 0 02-02-2012 01:47 PM
What are some of the Section 529 Plan benefits available under the current 2011 tax law? TaxGuru Education Planning 0 01-31-2012 05:26 PM
What are some of the items that are excluded from Income in 2011? TaxGuru Income 0 12-07-2011 09:20 PM
As part of the "Small Business Jobs Act of 2010 Tax Provisions, IRS allows increased expensing limitations for 2010 and 2011 for certain real property treated as Code section 179 property. TaxGuru General 0 01-31-2011 07:58 PM
Disposal of Section 179 Expensed Property Ruth Sole-Proprietorship 0 03-22-2009 05:21 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