Thankyou for your posts on the tax questions. Its nice to have our own resident tax consultant on the forum and I hope your H2 arrives soon. Believe me the 8wk wait on ours has been killing my wife and I, its here at trainyard but hasn't been delivered to dealer yet because holidays put deliveries behind a little. Better luck to you and your husband.
Your explanation on tax write off this year and recapture taxes in future were very understandable to me ( usually when I talk to our CPA I am totally confused ). I also have another Question on this subject. I have income from employment and my wife runs a small business out of our home. Bussiness is off this year, but thats not all bad, as 3 yrs ago (before we incorporated and corp. pays wife a salary) bussiness was good and our taxes were over 30k [img]/infopop/emoticons/icon_eek.gif[/img]. H2 purchase won't help taxes much this year for us. While researching the "Section 179" question I read that a NOL (net operating loss) can be carried back 5yrs to previous yrs. My question is there anyway to use Sec.179 or 30% law to create a NOL this year and go back and file amended returns for previous years when business was better?
Thanks and Welcome to Forum [img]/infopop/emoticons/icon_smile.gif[/img]
Don & Phyllis
|