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Lane
Lane, CFP, MBA, CRPS
Category: Tax
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Experience:  Providing Financial & Tax advice since 1986
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Are current year section 179 deductions recorded as depreciation

Resolved Question:

Are current year section 179 deductions recorded as depreciation expense on the books?
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

NPVAdvisor :

hi,

NPVAdvisor :

Yes, both section 179 and bonus depreciation are forms of depreciation and need to b recorded that way to correctly show the tax basis in the capital asset

NPVAdvisor :

Note that form 4562 (Depreciation and Amortization) is the tax form where you take the 179 deduction www.irs.gov/pub/irs-pdf/f4562.pdf‎

NPVAdvisor :

But from an accounting/bookkeeping perspective, the reason is that not recording this as depreciation will cause the tax basis inthe capital asset to be overstated.

NPVAdvisor :

Questions?

NPVAdvisor :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3156
Experience: Providing Financial & Tax advice since 1986
Lane and 4 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 10 months ago.


Hi Steve,

... just checking back in, as I never saw you come into the chat.

Let me know if you have questions.

Lane

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3156
Experience: Providing Financial & Tax advice since 1986
Lane and 4 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.
H Steve ,


I'm just following up with you to see how everything is going. Did my answer help?


Let me know,
Lane

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