Tag Archives: section 179

Tax Guide for Farmers – Section 179 Expense Deduction, Part 2

In the year the property is placed into service, farmers can choose to recover some or all the cost of certain property up to a defined limit. This election is known as a section 179 expense deduction. The section 179 expense deduction is taken instead of depreciating the asset over its useful life.

Following is an overview of how much you can deduct for property under section 179 expense. Section 179 Expense Deduction, Part 1 covered what property qualifies for this expense deduction.

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Tax Guide for Farmers – Section 179 Expense Deduction, Part 1

For certain property, farmers can choose to recover some or all the cost of the asset up to a certain limit in the year the property is placed into service. This election is known as a section 179 expense deduction. The section 179 expense deduction is taken instead of depreciating the asset over its useful life.

Following is an overview of the property that does and does not qualify for section 179 expense deduction.

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