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Section 179 in CA for computer used for investment purposes?
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RESIPSA123
Level 2
03-03-2022
04:21 PM
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My client is a retired investor who bought a computer to help keep track of her investments. She would like to deduct the computer as an investment expense and she would like to use Sec 179, for CA only, since this 2% misc deduction is not available on the federal return. Can section 179 be taken in CA to expense a new computer used for personal investing? Or is this a 5yr MACRS issue? There is no business income and such a deduction will not help this year, but it could be carried forward if it's allowed. Your thoughts?
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qbteachmt
Level 15
03-03-2022
07:07 PM
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Thoughts? What about:
"What is the Section 179 Deduction
Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below.
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves."
"retired investor"
So, no business, but wants to use IRS Business provisions?
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