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Discussion:Section 179 on Form 4835

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Discussion Forum Index --> Tax Questions --> Section 179 on Form 4835


DARYLGEYER (talk|edits) said:

17 January 2007
I am a tax preparer who does very few Form 4835's. Is Section 179 allowed on Form 4835? Also could you send a link to the authoritative source? Thank you.

Kevinh5 (talk|edits) said:

17 January 2007
in the pub for regular rentals, §179 is not allowed. I have never done a farm rental, so I can't say for certain this is the case on 4835.

Death&Taxes (talk|edits) said:

17 January 2007
That line in the says "Depreciation and Section 179 Expense" yet the top of the form spells out that the income is not subject to Self-employment tax. The government instructions to the form tell us to enter depreciation and Section 179 expense on Line 12, and then go on to tell us to read the Schedule C instructions to see if Form 4562 must be filed.

Sw (talk|edits) said:

January 17, 2007
If the property qualifies for section 179 you can use it to offset earned income. The income from 4835 is not earned income. This is how proseries handled it anyway.

Kevinh5 (talk|edits) said:

17 January 2007
Where did it carry the §179 depreciation to?

Death&Taxes (talk|edits) said:

17 January 2007
Sec. 179(d)(1)(C)"(C) which is acquired by purchase for use in the active conduct of a trade or business." There was a lengthy discussion three or four months ago on limitations of 179 for LLCs when self-employment tax was paid on guaranteed draw, but not on profits for limited partners.....must have had 50-60 entries.

Dennis (talk|edits) said:

17 January 2007
Sharon's answer is correct.

Deback (talk|edits) said:

January 17, 2007
Don't know who Sharon is, but yes, Sec 179 is allowed on Form 4835.

Sw (talk|edits) said:

January 17, 2007
The 179 depreciation carries to Form 4835.

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