AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Expert: John Stancil, CPA Date: 7/11/2008 Subject: Section 179 for 2008
Question Do airplanes qualify for the full sec 179, even if they are used.
Thanks
Answer Evan,
Airplanes will qualify for Sec. 179, in full, if it is property used in your trade or business, is not used outside the United States, and was not purchased from a related party.
The Economic Stimulus Act of 2008 increased the maximum 179 deduction to $250,000 for 2008.
