Section 179 deduction

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  • #187808
    Anonymous
    Inactive

    Hi, currently studying for REG.

    What are the limits on the section 179 deduction for this testing period. I’m reading conflicting figures from Wiley, IRS, and forums. Thanks…

Viewing 7 replies - 1 through 7 (of 7 total)
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  • #587235
    Anonymous
    Inactive

    from what I understand $25K/ $200K

    #587236
    Anonymous
    Inactive

    Yes! That's what I had, but while doing the MCQ's in the latest Wiley Testbank (online version) the limits are stated as $500,000 and $2,000,000…

    Wiley's online test bank is supposed to be updated.

    Also, IRS website states $500,000 and $2,000,000. I'm desperately confused…

    #587237
    Anonymous
    Inactive

    Home

    I saw a Ninja MCQ that had the wrong amounts, I posted it in the REG study group but never saw a response. Rogers CRAM had $25K/$200K.

    Wouldn't focus on it too much, from my experience I didn't need to know any of the updated numbers.

    #587238
    Anonymous
    Inactive

    Thanks. I would hope that we were not expected to remember the amounts given the numerous revisions…

    #587239
    ijustwant76
    Member

    IRS just lowered the limits for this. And REG just switched over to the new year, now testing 2013 tax limits.

    So to validate, figure out which year REG is testing and validate that years' limits.

    #587240
    Anonymous
    Inactive

    As of July, I thought they were testing the 2014 limits (that's what the latest Ninja audio said)

    #587241
    jeff
    Keymaster

    It's 2014 tax law now ($25k/$200k for 179)

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 7 replies - 1 through 7 (of 7 total)
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