Me too.

I met with my CPA a couple days ago. He said if I buy property this year I can deduct all the depreciation in one year under the new tax law. It sounds good sort of but honestly I don't really understand it. It should be good for the one year but after that not so good...?

__________________
[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

Just remember that CPA stands for Certified Pain in the ASS.

The bill text....

127
† HR 1 EAS2
1 (b) Section 179 Property To Include Qualified Real
2 Property.—
3 (1) IN GENERAL.—Subparagraph (B) of section
4 179(d)(1) is amended to read as follows:
5 ‘‘(B) which is—
6 ‘‘(i) section 1245 property (as defined
7 in section 1245(a)(3)), or
8 ‘‘(ii) at the election of the taxpayer,
9 qualified real property (as defined in sub10
section (f)), and’’.
11 (2) QUALIFIED REAL PROPERTY DEFINED.—Sub12
section (f) of section 179 is amended to read as fol13
lows:
14 ‘‘(f) QUALIFIED REAL PROPERTY.—For purposes of
15 this section, the term ‘qualified real property’ means—
16 ‘‘(1) any qualified improvement property de17
scribed in section 168(e)(6), and
18 ‘‘(2) any of the following improvements to non19
residential real property placed in service after the
20 date such property was first placed in service:
21 ‘‘(A) Roofs.
22 ‘‘(B) Heating, ventilation, and air-condi23
tioning property.
24 ‘‘(C) Fire protection and alarm systems.
25 ‘‘(D) Security systems.’’.
128
† HR 1 EAS2
1 (c) REPEAL OF EXCLUSION FOR CERTAIN PROP2
ERTY.—The last sentence of section 179(d)(1) is amended
3 by inserting ‘‘(other than paragraph (2) thereof)’’ after
4 ‘‘section 50(b)’’.
5 (d) EFFECTIVE DATE.—The amendments made by this
6 section shall apply to property placed in service in taxable
7 years beginning after December 31, 2017.
8 SEC.

For plain English.....

Qualifying | Section 179 Tax Deduction | Section179.Org

hmmm...will that fit on a postcard? Is the postcard even real property?

__________________
TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

__________________
-Justin

91 560 SEC AMG - other dogs dd
01 Honda S2000 - dogs dd
07 MB ML320 CDI - dd
16 Lexus IS250 - wifes dd

it's automatic.

Not a chance.

Office supplies!

1-162-3T
(a)In general

(1)Non-incidental materials and supplies.—
Amounts paid to acquire or produce materials and supplies are deductible in the taxable year in which the materials and supplies are used or consumed in the taxpayer's operations.

(2)Incidental materials and supplies.—
Amounts paid to acquire or produce incidental materials and supplies that are carried on hand and for which no record of consumption is kept or of which physical inventories at the beginning and end of the taxable year are not taken, are deductible in the taxable year in which these amounts are paid, provided taxable income is clearly reflected.

Shoot me.