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Special Depreciation Allowance
Article ID: 59732
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Question
Special Depreciation Allowance
Answer
New 50% additional first-year special depreciation allowance applies to most new property purchased and placed in service after 2007.
To be eligible, the property must be property with a recovery period of 20 years or less, off-the shelf computer software, qualified leasehold property, or water utility property. The special allowance does not apply if the ADS method is required.
The taxpayer may elect out for any class of property.
The allowance is figured after the section 179 deduction and before regular depreciation.
If the special allowance applies, the limit on depreciation and section 179 deduction for automobiles is increased by $8,000.
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Article Details
Views:
2170
Created on:
Jun 15, 2013
Date updated:
Dec 02, 2021
Posted in:
Business Income (Schedule C)
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