Section 179 For 2010
Posted by taxguru on September 21, 2009
Q:
Subject: Tax Issue
Is there any information as to what the 179 election and bonus depreciation will be in 2010? Thanks!
A:
This was in the recent CCH report of 2010 tax changes that I mentioned on my blog.
“Code Sec. 179 expensing. Unless Congress intervenes, Code Sec. 179 expensing will return to pre-2008 levels for 2010. For tax years beginning in 2010, the Code Sec. 179 expensing limit will be $134,000 and the cost-of-equipment limit set at $530,000. (Note: Expensing is currently scheduled to return to $25,000 ($200,000) levels in 2011.)”
Nothing was mentioned about any changes in the special first year depreciation, so that will expire as of 1/1/10 for most types of assets, unless our rulers in DC decide to pass another extension.
I hope this helps.
Kerry Kerstetter
Follow-Up:
I like the our rulers in DC comment. Kind of scary, isn’t it! Thanks!
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