Section 179
Good day,
First, we already have our accountant researching this, and with the window closing, we were hoping to tap into the tremendous knowledge on this board.
We are working on a project in which a developer is closing in on completion for a project, and we with a potential buyer. The developer is allowing us to offer this project with up to $500,000.00 in accelerated tax deductions. However, the best we can tell, this program was for the 2010 - 2013 tax years. The developer believes that this program will be extended indefinitely, and we are told it has passed through the house and the senate finance committee. They have also allowed us to offer between $300,000.00 to $400,000.00 in bonus depreciation if Section 179 does not pass.
Does anyone have any information about this program?
We are told that you may apply these tax deductions year 1, and may still use the standard deductions, is this correct?
Can anyone tell me what the bonus depreciation may be, and again, we are being told it could be used year 1 and may still use the standard deductions?
Thank you in advance for any insight.