My question I have is: I purchased a skid steer loader for my roofing business in 2017 and would like to deduct the entire $17,500 cost. On which line do I put this amount?
Hey Tom! So glad you are getting a lot out of reading our articles. Don’t laugh, but I actually had to google “skid steer loader” to see what the heck that is…lol At any rate, from the description it would fall under machinery and equipment for tax purposes. To see how much you can deduct under Section 179, you will need to complete IRS Form 4562. You can learn more about what kind of property qualifies for the Section 179 deduction in our Section 179 guide here:https://fitsmallbusiness.com/section-179-deduction/.
Thanks so much for reading!
All the Best-
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