Archived posting to the Leica Users Group, 2017/12/28
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]If you can take delivery by December 31 (the "placed in service" rule), you should be OK with a Schedule C deduction for the gear. This would be either by electing to expense it under Sec. 179, or 100% bonus depreciation for purchases after 9/27/17.? The Sec. 179 election is limited to $500,000 of gear and doesn't apply after $2 million of purchases (amounts no doubt crafted with Leica gear in mind).? The Sec. 179 deduction also can't cause a loss on your Schedule C. Schedule A is for business deductions as an employee and wouldn't come into play.? Also consider that if you have an even bigger book in 2018 and jump into another bracket, a 2018 purchase might be better.? A crystal ball is needed here. Ken On 12/27/2017 11:09 AM, kyle cassidy on the lug wrote: > Hi folks ? > > I?m probably not alone in not understanding the implications of the new > tax bill. > > I wasn?t planning on buying an M10 this year, but possibly sometime in the > coming year, maybe who knows, I?m doing ok with my M240?s. I had a book do > well and as a result I?ve a fat chunk of change sitting in the bank but > I?m concerned by all the armchair tax advisors on Facebook saying that > small business deductions are going away after this year. > > I file a 1040 as well as a schedule C. > > The Washington Post?s article ?5 things to do before Jan 1 to lower your > tax bill? advised professionals to buy all their high end purchases now. > But I?m not sure if they?re talking about Schedule A or Schedule C. > > Does anybody with actual understanding of this know if I?ll still be able > to deduct equipment expenses that I make next year, or should I blow > through all this money on gear I?ll need for the future this year? > > That said, replace the Dlux-4 with a type 109? yes? or don?t bother? > > thanks for your time & expertise ? > > Kyle > > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information