Archived posting to the Leica Users Group, 2009/12/27

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Subject: [Leica] year end mad dash to spend $$$ or pay taxes on it
From: rgacpa at yahoo.com (Yahoo)
Date: Sun, 27 Dec 2009 21:56:19 -0800 (PST)
 
In 2004 "trucks" were allowable property under sec. 179 and my SUV was 
officially a truck. I don't think that is the case now, but do not know the 
current allowability of pack mules...

Bob Adler
http://www.rgaphoto.com

On Dec 27, 2009, at 9:12 PM, "Frank Filippone" <red735i at earthlink.net> 
wrote:

I'm not a tax guy, but I thought autos were a special case, and full Sec 179
depreciation was not allowed on them?

Frank Filippone
red735i at earthlink.net


I think what Reuters is referring to is the section 179 deduction in lieu of
depreciation. You can deduct the full value of the asset(s) up to $250,000
in the year of purchase: you don't have to depreciate the asset over its
useful life (there are exceptions of course; consult your tax preparer).
In 2010 the section 179 deduction is scheduled to be dropped to $25,000.
So buy multiple M9s, MF backs, D3s, lenses, printers, pack mules (I deducted
my SUV in the year of purchase!), etc.




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