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🔥 IRS Issues Guidance on New Bonus Depreciation Rules - Peterson Sullivan Accounting

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“I read a post from you a week ago or so about 100% bonus depreciation on farm buildings. Looking at putting up a machinery shop will I be able to deduct all of the cost my 2011 taxes if I put the building up this year and have the income to cover it.” Farmers sometimes get Section 179 and bonus depreciation rules mixed up. Click to Play!

Electing out of 100% bonus depreciation deduction for 2017 Electing out of 100% bonus depreciation deduction The IRS today issued a release as a reminder to business taxpayers that placed qualifying property in service during 2017 but may elect not to claim the new 100% depreciation deduction “that they have a limited time to file the required election with the IRS.” Click to Play!

Qualified improvement property is eligible for bonus depreciation.³. The Act extends the deduction for bonus depreciation through 2026. Effective for property placed in service after September 27, 2017, the percentage for bonus depreciation increased to 100% (from 50%) through 2022. After 2022, the percentage decreases by 20 percent each year. Click to Play!

Because this rule is an expansion of the bonus depreciation provisions, in order to wield the 100% expensing rules correctly, we must understand what is required in order to claim bonus. Click to Play!


Bonus Depreciation Extended Through 2026 Under the Tax Cuts and Jobs Act | Nolo


The Act temporarily allows 100 percent bonus depreciation starting Sept. 27, 2017, and ending Dec. 31, 2022. Bonus depreciation will then phase down 20 percent per year for five years to a zero bonus. The IRS issued proposed regulations for 100 percent bonus depreciation on Aug. 8, 2018.
As noted above, the TCJA increased bonus depreciation to 100 percent for qualifying property acquired and placed into service after September 27, 2017, and before January 1, 2023. It also extended bonus depreciation to used property acquired and placed into service after September 27, 2017.
Bonus Depreciation. Under the previous tax rules, the bonus depreciation deduction was limited to 50% of eligible new property. The Reform extends and modifies bonus depreciation to allow businesses to immediately deduct 100% of eligible property placed in-service after September 27, 2017, and before January 1, 2023.


What is bonus depreciation?


IRS Issues Guidance on New Bonus Depreciation Rules - Peterson Sullivan Accounting 100 bonus depreciation rules


As noted above, the TCJA increased bonus depreciation to 100 percent for qualifying property acquired and placed into service after September 27, 2017, and before January 1, 2023. It also extended bonus depreciation to used property acquired and placed into service after September 27, 2017.
To qualify for 30% bonus depreciation, the property must be placed in service by the taxpayer after September 10, 2001 and before January 1, 2005 (note that for 30%, 50%, and 100% bonus depreciation, special placed in service rules apply to long production period property and specified aircraft).
Bonus depreciation rules, recovery periods for real property and expanded section 179 expensing. The Tax Cuts and Jobs Act (TCJA or the Act) made many changes to the depreciation and expensing rules for business assets.



Bonus Depreciation Extended Through 2026 Under the Tax Cuts and Jobs Act | Nolo


100 bonus depreciation rules
Bonus depreciation doesn't have to be used for new purchases but must be "first use" by the business that buys it. Bonus depreciation increased to 100% for qualified purchases made after September 17, 2017, and remains at 100% until January 1, 2023.
Because this rule is an expansion of the bonus depreciation provisions, in order to wield the 100% expensing rules correctly, we must understand what is required in order to claim bonus.

100 bonus depreciation rules There are several major provisions of 2017 tax reform that impact.
Old Rules In recent years, producers have enjoyed three different options for writing off their investment in depreciable assets: Regular Depreciation — Claim an expense based on the class life of the asset, which ranges from 100 bonus depreciation rules to 20 years, using a 150% declining-balance calculation method.
Section 179 Expense Election — Claim in the year of purchase an expense of some or all of the cost of qualifying property, subject check this out limits.
Depreciate the balance using method 1 or 2.
There is no limit on the amount of write-off.
What Has Changed Going forward, we still have the three basic options to write off your investment in property.
The alternatives have all been enhanced, with more properties eligible for quicker depreciation and more flexibility in deciding what options to use.
However, now you can use five years instead of seven for most farm equipment.
The calculation method has been changed, though, to the 200% declining-balance method.
Section 179 Expense Election — Similar rules apply for determining eligible property.
Also, certain improvements to business real estate are eligible for slot hot 40 super immediate write-off.
The increased limits apply to years beginning 100 bonus depreciation rules December 31, 2017.
Bonus Depreciation — Bonus depreciation percentage has been increased from 50% to 100% for qualified property.
This applies to assets placed in service after September 27, 2017.
The 100% bonus applies through the year 2022, with a 20%-per-year phasedown reduction through 2026.
Qualified Improvement Property — This provision has been clarified and simplified.
Unfortunately, due to a drafting error qualified improvement property is subject to 39-year depreciable life and is not eligible for bonus depreciation.
Congress has stated that was not their intent but the IRS position is that this statute cannot be changed by regulations and will require a legislative fix.
Trade-Ins and Like-Kind Exchanges The new law changes the tax treatment of like-kind exchanges of personal property not real estate.
Like-kind exchange treatment is no longer allowed, except for exchanges of real estate.
So now a trade of equipment must be accounted for as a sale of the disposed equipment for the amount of the trade-in allowance and a purchase of the newly acquired equipment at its full purchase price.
This change will present both challenges and opportunities for farmers who trade in equipment when they are updating.
You should consider the impact of the additional equipment sale gain 100 bonus depreciation rules and the additional purchase cost available for the full range of depreciation options.
Planning Observations The options available to take fast write-offs on asset purchases are clearly expanded.
Some important points to keep in mind when evaluating your options are: Farm Buildings — General-purpose farm buildings are 20-year assets; therefore, they are eligible for 50% or 100% bonus depreciation.
They are not eligible for Section 179 expense.
Land Improvements — Improvements such as pavement, reservoirs, dikes, and other depreciable improvements to land are 15-year assets, now eligible for 50% or 100% depreciation.
Farm Purchases — Buildings and improvements are often overlooked when a farmer purchases land.
The new laws provide for additional fast-depreciation options if the property includes structures or slot hot 40 super improvements.
Section 179 — This is not available for rental activities.
However, the expanded bonus depreciation rules will be available for landlords.
Section 179 — This deduction is slot hot 40 super to the lesser of the net business income or the taxable income of the taxpayer.
Bonus depreciation is not limited by these factors and therefore could create or increase a farm net operating loss, eligible for a two-year carryback to offset prior-year income.
Related-Party Purchases — The new tax law clarifies that Section 179 and bonus depreciation are NOT allowed on purchases from related taxpayers.
For this purpose, related taxpayers include spouses, lineal ancestors, and lineal descendants.
Related taxpayers also include corporations and partnerships in which the taxpayer is a greater-than-50% owner, as well as certain estates and trusts.
Since Section 179 and bonus depreciation are not allowed in related-party purchases, care should slot hot 40 super taken before structuring an equipment trade with a related taxpayer.
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For more helpful information impacting the agriculture industry, including articles, event invitations, and our popular Ag Conversations blog, today.


Real Estate Bonus Depreciation New for 2018! 👀


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Can a prospective aircraft owner benefit from claiming 100 percent “bonus depreciation” even though the owner expects to fly the aircraft for personal use? Yes, with limitations and careful.


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Total 6 comments.