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Topic: Anyone a tax expert? (piano deduction)  (Read 2356 times)

Offline robert_henry

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Anyone a tax expert? (piano deduction)
on: February 29, 2004, 06:38:22 PM
In 2002, I purchased a piano for business at $66,700.  That year, I took the maximum section 179 allowance of $24,000.

That leaves a difference of $42,700 of raw cash that I paid for the piano that according to my understanding has not been deducted.  I want to deduct this difference THIS year, particularly because the limit for section 179 has been raised enough ($100,000) to cover this amount ($42,700).

Income-wise, I am eligible for this deduction, BTW.  

1.  Does turbo tax automatically figure all of this?

2.  How do I go about deducting this asset to the greatest advantage? Do I create a new asset for $42,700 and deduct/depreciate/section 179 it?

3.  I notice that Part V Schedule C has a section called Carryover to 2003 with a specific line for section 179 carryovers.  What is the purpose of that line if not for this situation?

Robert Henry
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