Tax questions -- 179, de minimis

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icor1031
icor1031 Regular Member • Posts: 293
Tax questions -- 179, de minimis

I need to deduct rather than depreciate any equipment that I buy.

Regarding Section 179:

a1) Can I use it for camera lenses and such?

a2) I read that my business has to be in its first year in order to claim a 100% deduction via Section 179. Is this true? Source here: https://vault.buildbunker.com …deductions-photographers/
Source states: "In order to deduct all the upfront costs at once, your photography business must be in its first year"

Regarding de minimis safe harbor:

b1) Can I use it for camera lenses and such?

b2) How do I get an applicable financial statement so that the dollar limit increases from $2,500 to $5,000?

...

c1) And how are credit card payments treated, e.g. if I buy a lens in Dec 2019 but have payments throughout Jan-Dec 2020, can I deduct those payments? If so, under which rule?

 icor1031's gear list:icor1031's gear list
Canon EOS 5DS Carl Zeiss Apo Sonnar T* 2/135 Sigma 50mm F1.4 DG HSM | A Zeiss Otus 85mm F1.4 Sigma 85mm F1.4 Art +2 more
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