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Archive for August 27th, 2007

2007 Section 179 Limits

Posted by taxguru on August 27, 2007

Q:

Subject: Section 179 2007 Limit

Hi, I love the website.  I have a quick question regarding the 2007 deduction limit for Section 179.  I see that you note the limit is $125K this year, so do other sites, but the IRS website under 2007 changes notes the limit is $112K.  Is there a quick explanation for the difference?  Is it related to Gulf Zone property?

A:

I covered the 2007 increase in this blog post from May.

I have no idea why the IRS webmasters can’t keep their info properly up to date; but this is another good example of why it is dangerous to rely on IRS for tax info rather than professional tax advisors, who are more current in their knowledge of the tax laws.

Kerry Kerstetter

 
Follow-Up:

Thanks

 

 

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