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Updated over 2 years ago,
HELP - Tax Write Off Section 179
Hello community,
So I have been working with my current CPA within multiple businesses I've owned for the past 10 years. My Real Estate business has taken off last few years and I am feeling like my current CPA is not very knowledgeable with tax saving strategies. When I bring up the conversations/question, I get pretty much nothing informative.
A few years ago, I leased a brand new car for business. When the lease approached the maturity date, I decided to purchase the car outright instead of turning it back to the deal. I paid $35k for the purchase. I was expecting this to be a write off, hence why I leased the car to begin with. Looking back on my previous years, it looks like the CPA did not include any of my lease payments in Section 179. Now, he has not listed this full cost under section 179. Everything that I have gathered from my own research, tells me that I should be able to deduct this full amount for the year it was purchased in. Am I wrong? Is my CPA wrong?
I would appreciate any advice regarding this. Also, if you have a CPA who knows how to deal with high net worth individuals in Real Estate, please let me know. Thank you.