Tax Tip Podcast or Blog Post and Bonus Depreciation

Tax Tip Podcasts & Blog Posts for Realtors, Brokers, Real Estate Professionals
Bonus Depreciation

Under Code Section 168(k), taxpayers can claim a special additional first-year depreciation allowance (also referred to as “bonus depreciation”) to recover part of the cost of certain qualified property placed in service during the tax year. No election is necessary to take the bonus depreciation for “qualified property.” Taxpayers can elect out of the bonus depreciation rules, however. An election is necessary if a taxpayer wants to deduct bonus depreciation for specified plants. The allowance applies only for the first year the taxpayer places the property in service. The allowance is an additional deduction the taxpayer can take after any Code Section 179 deduction and before calculating regular depreciation under MACRS for the year the taxpayer places the property in service. The bonus depreciation rules were initially meant to cover a limited number of years. However, the rules have been extended and modified numerous times over the years.

Brenda Fitch Real Estate Professional
Brenda Fitch Real Estate Professional

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Allow us to Help you complete your Tax Returns from 1913 to present (100+ Years) and for any of the 50 States.
Allow us to Help you complete your Tax Returns from 1913 to present (100+ Years) and for any of the 50 States.

(Updated 03/07/2021 03:22)

Published by Don Fitch, CPA

Offers in Compromise, Wage Levy Releases, Installment Agreements, IRS Audits, and much more IRS assistance. Also, allow us to Help you complete your Tax Returns from 1913 to present (100+ Years) and for any of the 50 States.

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