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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12009
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am in the process of buying a home with 6 and a half mowable

Customer Question

I am in the process of buying a home with 6 and a half mowable acres, I want to start a greenhouse and sell plants to online customers. How Cani ,or can I write a zero turn mower off? Oh, sorry I am Janel Borton. I am in the process of getting divorced, and money is going to be tight. I'm 49 and I need a really good mower, because I already work my butt off as a cable repair person for AT&T
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Customer: Like what?
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Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi,...Yes, if the zero-turn is used as part of the business (and not used personally) is is deductible either over it's useful life as a depreciable asset OR can be expensed all in the first year place in service, (under §179, which essentially accelerates the depreciation all into the first year the business equipment is placed into service.)...There's one caveat though. THis business must start generating revenue in the tax year deducted, because under IRC §162 only the expenses of an ongoing business are deductible....So if you're talking about 2016 AND you can start the business selling in 2016, this works....I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”) That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate & tax advice since 1986.
Customer: replied 1 year ago.
I do not understand what the 179 is ,dollars? I will not be making money the first year. I have to grow cuttings
Customer: replied 1 year ago.
My mower is 11 thousand .
Expert:  Lane replied 1 year ago.
the 179 is the section of the tax code that allows one to write off a piece of equipment all in one year, rather than over it's useful life with is the standard method (called depreciation)...You cannot deduct until you have a going business.