4 ms·
Not an accountant. 3 years is shorter than the expected 5-year depreciation [1], so if you took a section 179 deduction you may have to pay some of it back. I
by TAForObvReasons 4y ago
Not an accountant. 3 years is shorter than the expected 5-year depreciation [1], so if you took a section 179 deduction you may have to pay some of it back. It may actually be worse to trade in than to let the machine sit for a few years.
[1] https://www.irs.gov/publications/p946#en_US_2020_publink1000107533 https://www.irs.gov/publications/p946#en_US_2020_publink1000...