Fiscal Cliff Tax Changes

Section 179 Limits Revised

Answer:

For 2012, the maximum deduction was set at $125,000 (inflation-indexed to $139,000) with a $500,000 threshold (inflation-indexed to $560,000). The new law restores the previous limits of a $500,000 maximum deduction and a $2 million threshold through 2013, retroactive to 2012
CPAdirectory
Answer Provided by: CPAdirectory

Share This Answer

Looking For More?

View all Fiscal Cliff Tax Changes Questions

View More Questions