Tax Guru – Ker$tetter Letter

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2008 Fixed Assets

Posted by taxguru on November 20, 2008


Subject:  2008 section 179

We have a “C” corporation that has a fiscal year ending September 30th. If we purchase equipment between 10/01/08 and 12/31/08, can we still get the addition 179 expense deduction and bonus depreciation?


That specific provision is currently based on the calendar year of 2008, so any assets that you do place into service from 10/1/08 through 12/31/08 will qualify for that special bonus depreciation on the 1120 you file for the FYE 9/30/09.

Your professional tax preparer’s tax software should pick that up automatically.  I know that my 2007 Lacerte software is automatically claiming the bonus depreciation on any asset that has a 2008 setup date.

There is also the possibility that the provision for the bonus depreciation will be extended for assets placed into service in 2009; but that will be up to our new rulers in 2009.

Good luck.

Kerry Kerstetter


Thank you very much .



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