Review a Section 179 Deduction Limit

You can review the total amount of the section 179 deduction that has been applied for all asset items for a specified tax year and additional book.

To review a Section 179 deduction limit, complete the following steps:

1. From the Vision Navigation menu, click Asset Management > Section 179 Review.
2. On the Section 179 Review form, select the tax year that contains the fiscal year start and end dates for the asset items that you want to review. The drop-down list includes all the tax years that you set up on the Section 179 tab in Configuration > Asset Management.
3. Use the Select Book field to select the additional book for the section 179 deduction. This drop-down list displays any additional books that your firm has entered and designated for section 179. The Section 179 check box for an additional book must be selected on the Additional Books tab in Configuration > Asset Management for the book to be included on this list.
4. View the section 179 deduction limit for the selected tax year and book. This amount is entered on the Section 179 tab in Configuration > Asset Management for the tax year that you selected on this form. You cannot edit this amount in the Section 179 Limit field.
5. Use the Section 179 Asset Allocations grid to review the asset items that have section 179 deduction amounts entered for them for the tax year and additional book that you specified at the top of this form. The asset items that display also have an assigned in-service date that falls within the tax year specified in the Select Tax Year field. An asset item's in-service date is entered in the In Service Date field on the GL Book tab in the Equipment Info Center. In addition, the section 179 deduction amount for an asset item is entered in the Less Section 179 Deductions field on the Additional Books tab in the Equipment Info Center.