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Account Closed
  • Full-Time Investor
  • Charlotte, NC
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Looking for big deductions to close out 2013

Account Closed
  • Full-Time Investor
  • Charlotte, NC
Posted

Any ideas? Would it be a good idea to buy a new truck this year? Any other ideas to get big deductions for 2013? @Steven Hamilton II

, anyone else?

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Pat L.
  • Rental Property Investor
  • Upstate, NY
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Pat L.
  • Rental Property Investor
  • Upstate, NY
Replied

Just a heads up you cannot create a loss (with the Truck purchase as a 179 deduction) in the S-Corp.

BUT it can eliminate all profit(s) then the balance of the truck needs to be depreciated. I believe there may still be in place the added 50% accelerated depreciation (available in 2012). We did another truck last year & it was a VERY VERY NICE write-off :)

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