1 result for tag: IRC Section 179
Ready, Set, Depreciate
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
When you buy real property (or personal property that lasts more than one year) to use in your business, you may have up to three options for deducting the cost:
Regular Depreciation
Bonus Depreciation
IRC Section 179 expensing (technically, depreciation in advance)
Regular Depreciation takes several years.
Bonus Depreciation allows you, through 2022, to deduct 100 percent of the cost of personal property in one year. IRC Section 179 expensing allows you to deduct up to $1,050,000 of the cost of personal property....