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Updated over 7 years ago on . Most recent reply presented by

Joe Wood's profile image
Joe Wood's profile image
Joe Wood
  • from New Jersey
  • Member since May 5, 2017

User Stats

64
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Joe Wood's profile image
Joe Wood's profile image
Joe Wood
  • from New Jersey
  • Member since May 5, 2017
Joe Wood
  • New Jersey
5
Votes |
64
Posts
Tax, SDIRAs & Cost Segregation

Section 179 and income

Joe Wood
  • New Jersey
Posted

Good morning everyone,

I have a question regarding section 179 and if I would be able to deduct certain expenses against my income. 

My question is whether or not I can expense the full amount of my purchases against my W2 income/IRA withdrawal income, not just rental/business income.

I purchased a truck for $40k and other equipment for close to $20k.

My rental income is only around $12k annually. 

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