Section 179 help for 2003 return


C

Ckbeme

I'm filing 2003 taxes and have a refund coming (long story, I have had
several major surgeries and rehab from 2002 to 2006, but an incompetent
CPA has left me in this spot).

2001 taxes were filed w/ $6050 refund applied toward future taxes. 2002
taxes are not done yet, but I was eligible for a refund of approx $ 7-9K
- had I not missed the 3 year deadline.

I have a small computer consulting business and had W2 income as well
from 1998 to 2003.

I'm confused about the section 179 deduction and the special
depreciation allowance. I bought a qualifying truck 12-31-2002 (over
6,000 lbs). I am going to take the sec 179 deduction in 2003, the year
the truck was put into service. I've read several articles and IRS pub
463, 946, and 3991 - a May 2002 supplement.

I read SOMEWHERE (or dreamed it) that you had to put the vehicle in
service, and take the 179 deduction, and purchase the vehicle all in the
same tax year. I haven't been able to find that statement again, so I'm
hoping some of you will be able to clarify that for me.

Unfortunately, since I've fired my CPA that lost my 2002 refund, I'm
filing my return and struggling to complete the small business portion.
I don't have a copy of any tax software for 2003, so I'm using
TurboTax 2004 to give me a little help on filling out these schedules.

Thanks for any help.

Cathy
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Section 179 help for 2003 return 10
USA Section 179 help. 0
Section 179 0
Section 179 2
section 179 0
USA section 179 0
Section 179 7
QRP and section 179 0

Top