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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10131
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My wife and I each own separate businesses, can we each take

Customer Question

My wife and I each own separate businesses, can we each take 25000 on 179 deduction?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations.

I can help here

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Please don't snoot the messenger here, ... :0) ... but for purposes of the Section 179 election, a husband and wife are considered one entity, this includes a married couple filing separate returns..

Expert:  Lane replied 1 year ago.

Hi,

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I'm just checking back in to see if you saw my answer.

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Let me know if this helped.

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Let me know if you need more here too.

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If you don't have any other questions on this, I'd really appreciate a positive rating (using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

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Thank you,

Lane

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