Has IRS code 179 been extended to cover purchases made in 2007?

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Has IRS code 179 been extended to cover purchases made in 2007?

2007-02-28 01:25:14 · 2 answers · asked by GUS 4 in Business & Finance ➔ Taxes ➔ United States

2 answers

The Section 179 Expense deduction is in effect for purchases made in 2007. The limits for most businesses is $112,000.

Further restrictions are in the IRS summary for tax law changes for 2007.

Here is the link

http://www.irs.gov/formspubs/article/0,,id=109879,00.html#sec179_2007

2007-02-28 01:44:21 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋

There haven't been any major changes to Section 179 deductions.

2007-02-28 10:04:34 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋