Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

show me how to work it out. please and thank you. In 2019, Tara acquires and places into service in her business 10-year MACRS property

show me how to work it out. please and thank you.
image text in transcribed
In 2019, Tara acquires and places into service in her business 10-year MACRS property costing $45,000 and 5-year MACRS property costing $215,000. Tara elects Sec. 179 expensing for all of the properties' cost. Tara's taxable income (before the Sec. 179 and 50% of self-employment deductions) is sinmm Requirement a. What amount may Tara deduct under Sec. 179 for 2019 for the properties? What amount can she carry over to 2020? Reference General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balanc In 2019, Tara acquires and places into service in her business 10-year MACRS property costing $45,000 and 5-year MACRS property costing $215,000. Tara elects Sec. 179 expensing for all of the properties' cost. Tara's taxable income (before the Sec. 179 and 50% of self-employment deductions) is sinmm Requirement a. What amount may Tara deduct under Sec. 179 for 2019 for the properties? What amount can she carry over to 2020? Reference General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balanc

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The First Time Homebuyers Handbook

Authors: Dean Thompson

1st Edition

1658856112, 978-1658856119

More Books

Students also viewed these Finance questions

Question

i need 1 0 2 7

Answered: 1 week ago