TurboTax Business and Sec 179 Deduction


0

0b3hks001

For a cash taxpayer, charging to a credit card is considered paid.
What happens to a computer purchase charged to a credit card when
shipped on 12/21/2005 but is not delivered until Jan, 2006?

I think Sec 179 deduction requires the computer to be in service by
12/31. That mean purchase in one year and deduct Sec 179 the next
year. Will TurboTax Business handle this properly? IIf TurboTax
Business can't handle this complication, is there a work around?

TIA
 
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A

Allan Martin

For a cash taxpayer, charging to a credit card is considered paid.
What happens to a computer purchase charged to a credit card when
shipped on 12/21/2005 but is not delivered until Jan, 2006?

I think Sec 179 deduction requires the computer to be in service by
12/31. That mean purchase in one year and deduct Sec 179 the next
year. Will TurboTax Business handle this properly? IIf TurboTax
Business can't handle this complication, is there a work around?

If you indicate that the "date placed in service is in the year 2006 the
program will take the deduction in 2006 and not 2005.
 

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