Section 179 & Bonus Depreciation

Updated 11/30/23

Section 179 & Bonus Depreciation are currently legislated by the Tax Cut & Jobs Act of 2017

Section 179 is a provision in the tax law allowing a deduction, in the year of purchase, for an amount up to the entire costs of qualified property.  What is qualified property?  A brief description is shown below.  This is a complex tax issue.  Seek tax advice before making any purchase solely to receive a tax benefit.  

Bonus Depreciation: is similar to Section 179.  Qualified property varies and the income limitation differs from Section 179.  

 Legislation could/has/will change these provisions.

Qualifying equipment:  Furniture, fixtures, machinery, computer devices, any equipment, tools, etc. used in business.  Certain automobiles will also qualify. Certain capital improvements will qualify.

Seek tax advice.

Myra B. Carlisle, CPA







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