179 Revocation

[JJStephens]

I'm confused.

Situation is biz owner bought some big ticket equipment a couple years ago and elected a 179 on it. Soon afterward he radically downsized and now he's wondering if the 179 carryover will outlive him, given his minimal annual net income.

So here's my question. Can a 179 election be revoked by filing an amended return? I've seen several seemingly authoritative cites that indicate it was possible only 2002-2008 and others that say it was extended through 2013. Before I wade into the regs for an answer that I may not get a penny from (my son-in-law promised his best friend he'd find out from me) I thought I'd check with the sages here. Anyone know the answer off the top of your head?

[Lion EA]

Downsized, meaning he's using the equipment less than 50% in business?

[kcjenkins]

The 2008 limit was eliminated. Now you can do it for any year still available for amendment.

From Pub 946:

Revoking an election. An election (or any specification made in the election) to take a section 179 deduction for 2013 can be revoked without IRS approval by filing an amended return. The amended return must be filed within the time prescribed by law. The amended return must also include any resulting adjustments to taxable income. Once made, the revocation is irrevocable.

[JJStephens]

Thanks for both replies.

Lion: The usage issue is a great question that I need to confirm but I'm pretty sure the usage remains 100% biz even though the biz has scaled way back (I believe due to the owner's health issues). BTW, still in awe of your avatar adventure!

KC: Thanks for the Pub 946 guidance. That never showed up when I googled "Section 179" and "amended return"

[Lion EA]

Thanx, JJ. My adventure's getting me street cred with some of my clients. And, my kids think I'm badass, so it was worth it.