Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Elect Section 179 dialog

Use this dialog to enter section 179 expense for eligible assets.
To open this dialog, open the Asset List window and do one of the following.
  • Select Tasks, then Elect Section 179.
  • Select the 179 button in the Asset List window.

Fields & buttons

Displays the date in service, activity, asset number, description, life, and tax basis for all current-year property that qualifies for the section 179 election.
  • Max All button:
     Select this button to enter the maximum section 179 expense allowed in the Tax Election and any state election columns for the listed assets.
  • Clear All button:
     Select this button to clear the section 179 expense entered in the Tax Election and any state election columns.
  • Max button:
     Select this button to enter the maximum section 179 expense allowed in the Tax Election and any state election columns for the selected asset.
  • Clear button:
     Select this button to clear the section 179 expense entered in the Tax Election and any state election columns for the selected asset.
  • Tax Election column:
     Use this column to enter the section 179 expense on qualified current-year property. This amount will be expensed for the Tax treatment (and AMT and ACE, when applicable) in the Asset Detail dialog.
  • State Election columns:
     Use these columns to enter the available section 179 expense on qualified current-year property for the appropriate state. This amount will be expensed for the state treatment.
Displays the total real property adjusted for the asset's business use percentage for all qualified Section 179 property.
These fields display the total amount of section 179 real property that has been entered in the Tax Election and state election columns.
To enter the maximum amount allowed in the corresponding Tax Election and state election columns for a selected asset, select the Max button. To enter the maximum amount allowed in the corresponding Tax Election and state election columns for the listed assets, select the Max All button.
Displays the total tax basis adjusted for the asset's business use percentage for all qualified Section 179 property.
These fields display the total amount of section 179 that has been entered in the Tax Election and state election columns.
To enter the maximum amount allowed in the corresponding Tax Election and state election columns for a selected asset, select the Max button. To enter the maximum amount allowed in the corresponding Tax Election and state election columns for the listed assets, select the Max All button.
Select this button to open the MACRS Convention Information dialog, which provides details on why the half-year or mid-quarter convention applies.

This article applies to:

Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close