How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Stephen G. Your Own Question

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4182
Experience:  Extensive Experience with Tax, Financial & Estate Issues
30050794
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

What is the Section 179 purchases limit in 2013 & what is the

Resolved Question:

What is the Section 179 purchases limit in 2013 & what is the maximum deduction? Also, is bonus depreciation still in effect for 2013?
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G :

Well, although I haven't read it myself at the moment, the new tax law that the President is about to sign into law includes a provision that allows 50% bonus depreciation.

Stephen G :

I know of no change in the Section 179 limits for 2013, but let me recheck now.

Stephen G :

2013 IRC 179 is 25,000.

Customer:

I will wait for your feedback. Thank you.

Stephen G :

Bonus is a 50% & begins to phase out with acquisitions over $200,000.

Stephen G :

Re above the 179 begins to phase out with acquisitions over 200K not the bonus depreciation

Stephen G :

If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Again, please remember to rate my response. Bonuses, where you think they are warranted, and excellent ratings, are always most appreciated. Thanks again for using JustAnswer.com.

Stephen G :

Update: Those 179 limits were based upon existing law prior to enactment of the "American Taxpayer Relief Act" (aka New Tax Law just passed by Congress awaiting Presidential Signature) - The 179 limits for 2012 have been extended to 2013, so there is a $500,000. limit with the phase-out beginning at total acquisitions of $2,000,000. That is the final version that the President said he will sign.

Stephen G :

And as stated the bonus depreciation of 50% has also been extended.

Customer:

What is the maximum Section 179 deduction for 2013?

Stephen G :

$500,000.

Customer:

I thought the 2012 179 limits were that a taxpayer could expense up to 139,000 with a purchase limit up to 560,000?

Customer:

I thought the 2012 '179' limits were that a taxpayer could expense up to 139,000 on purchases of up to 560,000 & there was 50% bonus depreciation with no limits? Are you saying that 500,000 can be expensed under Section 179 for 2013 & the 50% bonus depreciation begins to phase out with purchases over 200,000?

Stephen G :

The law on 179 is as stated. $500,000. with purchase limit of $2,000,000. These limits pertain to both 2012 to 2013.

Stephen G :

The 179 pertains to both new & used equipment.

Stephen G :

The bonus depreciation for both 2012 & 2013 is 50%, and applies to new equipment having a MACRS recovery period of 20 years or less.

Stephen G :

The limits you quote do not apply to either 2012 or 2013.

Stephen G :

There is no investment limitation for the bonus depreciation.

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4182
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 8 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
 
 
 
Chat Now With A Tax Professional
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
3648 Satisfied Customers
Extensive Experience with Tax, Financial & Estate Issues