Section 179 In 2015

See the instructions for part i.
Section 179 in 2015. For certain qualified property. Under the tax cuts and jobs act passed in december 2017 congress has changed the annual limit to 1 million starting in tax year 2018. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds 2 million.
Yes this is a robust deduction and you should take advantage of it for your 2015 taxes. The section 179 limit has varied over the years and was set at 500 000 in 2015 under the protecting americans from tax hikes path act. The protecting americans from tax hikes act of 2015 passed both the united states house and senate and is set to be signed into law increasing the section 179 deduction limit to 500 000 from the previous limit of just 25 000.
Like i said repeatedly last year it s always nice to have a 25k write off but goodness 500 000 is sooo much better. For tax years beginning in 2015 the maximum section 179 expense deduction is 500 000 535 000 for enterprise zone property. The section 179 deduction is subject to an annual dollar limit.
This means as of today section 179 for 2015 has a maximum deduction of 25 000 and a 200 000 cap on equipment purchased. The section 179 deduction is now 500 000 for 2015. House and senate approved a bill to return the section 179 deduction to 2014 levels permanently raising the deduction limit to 500 000.
In fact as of jan 1 2015 section 179 fell back to 25 000.