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Hokebury
Joined: 05/20/2003
Posts: 14,568
Likes: 5,039
Hokebury
Lifetime

You could have several options 168 (K) bonus depreciaton and Section 179

depreciation. Lots of rules involved depending on the type of property it is, but just remember when you sell it, you must recapture the depreciation deduction as ordinary income, but the tax cap on it is 25%, so there might be some long term benefit of deferring your taxes this way. You really need someone to walk you thru the process as it can get complicated.
Posted: 06/21/2024 at 01:25 PM ET
(In response to this post by MrBayAreaHokie)

Thread Replies (29)

Full Thread →
tax question for the tax experts
MrBayAreaHokie • 06/21/24 11:13 AM ET
Write it off. They all do. -Kramer.**
MikeVT85 • 06/22/24 12:08 AM ET
No. **
GreenvilleVT • 06/21/24 04:55 PM ET
actually you can
MrBayAreaHokie • 06/21/24 06:19 PM ET
Better Call Saul**
section11hokie • 06/21/24 03:19 PM ET
start a strip club- you will get even richer**
bigbadbird • 06/21/24 02:15 PM ET
we don't have any of those here in the east bay
MrBayAreaHokie • 06/21/24 06:21 PM ET
well - you have income on the sale- but a schedule C for car wash?
bigbadbird • 06/21/24 02:15 PM ET
wanting more the depreciation to wipe out the gain from the stock sale**
MrBayAreaHokie • 06/21/24 02:57 PM ET
A better question is
turkeywinghokie • 06/21/24 01:47 PM ET
You could have several options 168 (K) bonus depreciaton and Section 179 ◄
Hokebury • 06/21/24 01:25 PM ET
based on searching, it looks like year 1 depreciation % is dropping
HokieAl • 06/21/24 01:09 PM ET
thanks chief**
MrBayAreaHokie • 06/21/24 01:15 PM ET
You can make big $$$ using the carwash to launder blue crystal $$$**
Happy Dog • 06/21/24 12:54 PM ET
Sounds like an excellent investment and appreciate all you want!
DonHo-kieHi • 06/21/24 12:51 PM ET
butter face**
MrBayAreaHokie • 06/21/24 12:52 PM ET
Cashless option to this point but you're receiving cash by selling, correct
BG Hokie • 06/21/24 12:02 PM ET
i am getting money
MrBayAreaHokie • 06/21/24 12:50 PM ET
Since it's ordinary income, shouldn't you think about moving to NV, FL, TX?**
EDGEMAN • 06/21/24 11:53 AM ET
nah
MrBayAreaHokie • 06/21/24 12:51 PM ET
plus they would come after me
MrBayAreaHokie • 06/21/24 12:52 PM ET
A bud spent some time in California when he was in the Marines, and...
EDGEMAN • 06/21/24 01:50 PM ET
I guess he screwed up by getting a CA driver's license
EDGEMAN • 06/21/24 01:52 PM ET
Might be a legal question, call Saul Goodman.**
vthhhi • 06/21/24 11:19 AM ET
I love a good car wash. **
Stork • 06/21/24 11:15 AM ET
...and the boss don't mind sometimes if you act the fool**
Tuckahokie • 06/21/24 11:35 AM ET
…better than diggin a ditch**
chumley • 06/21/24 12:00 PM ET
who remembers George Carlin and Richard Pryor, in the same movie?
MrBayAreaHokie • 06/21/24 12:57 PM ET
i do too**
MrBayAreaHokie • 06/21/24 11:20 AM ET
It is taxing to wash the car by hand.**
Guy LeDouche • 06/21/24 11:17 AM ET