Normannn Posted February 21, 2008 Report Posted February 21, 2008 A TP bought a srayer for his Farm and wants to section 179 it all. Can you section 179 equipment and create a loss on the sch F or is it limited to bringing you profit down to zero? Quote
DonnaA Posted February 21, 2008 Report Posted February 21, 2008 Does taxpayer (or spouse, if filing joint return) have other earned income (W-2 wages, or other SE income?) If so, they can use Section 179 up to the amount of total earned income, even if it creates a loss on Schedule F. Quote
SunTaxMan Posted February 21, 2008 Report Posted February 21, 2008 I guess I am wondering about this situation - that the cost of a sprayer COULD produce a loss on Sched. F. Is this a legitimate FARM or a hobby? I guess it COULD depend on the size (and price) of the "sprayer." From what you have said so far, I would want more information before deducting a loss on F, whether or not the loss is generated by 179 or not. And yes, I realize there are many small farms (legitimate FARMS) working year after year at a loss, but I would still want more information. Quote
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