During 2021, William purchased office furniture for his real estate offices at a total cost of $185,000.
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Question:
During 2021, William purchased office furniture for his real estate offices at a total cost of $185,000. Due to a down real estate market, he only has taxable (earned) income of $15,000 from this sole proprietorship (without regard to the Section 179 expense). He took a part-time teaching job and has wages of $5,000.
What is the maximum Section 179 expense amount that William may deduct in the current year?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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