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Section 179 for S Corp with no income
I have read that section 179 deductions cannot exceed your income. however in one place I read that it can`t exceed total income of you and your spouse`s income plus the business`s income. However TurboTax seems to be saying that it can`t exceed the income of the business regardless. I have an S Corporation formed in 2007 that unfortunately had no income (tough first year). But my wife and I had plenty of income in our day jobs to more than cover the total section 179 deductions. Which applies? S Corporations are pass-through so it would seem to me to include person job income as well. If this is true, how do i get turbotax to allow this? I posted this in turbotax forum with no response yet.
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