Are you thinking about making a big purchase for your business? You may be able to expense up to $500,000 of qualifying property acquired for use in a trade of business for 2011. The deduction phaseout begins at $2,000,000 on purchases of qualifying property. Taxpayers who have “qualified disaster assistance property” may expense up to $600,000; their deduction phaseout begins at $2,600,000. The SUV limit remains at $25,000.
Within the $500,000 limit of §179 deduction, taxpayers may expense up to $250,000 of qualified real property, defined as qualified restaurant leasehold improvement property, qualified restaurant
property and qualified retail improvement property.
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