![]() The property is “new” if the original use of the property begins with the taxpayer. The property may be new or used, but must be “new” to you.Depreciable property includes qualified improvement property, computer software, water utility property, qualified film, TV productions and live theatrical performances. Your property must have a recovery period, as specified under MACRS, of 20 years or less. The depreciable property must be of a specific type.In order to be eligible for the extended and modified 100% bonus depreciation, your property must meet four key requirements: Section 168(k) allows a taxpayer to take an additional first year depreciation deduction in the placed-in-service year of qualified property. ![]() The proposed regulations update the existing regulations in Treas. On August 8, 2018, the IRS issued proposed regulations providing guidance on the 100% bonus expensing rules enacted by the Tax Cuts and Jobs Act (“TCJA”) last December. ![]()
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