* Section 179 and Bonus Depreciation
11/13/2020

SECTION 179 LIMITS


The following summarizes the historical annual maximum allowable Code Sec. 179 deduction (i.e., dollar limit):

Maximum expense deduction for tax years beginning in:

 



2020   -  $1,040,000
 
2019   -  $1,020,000

 The amount for 2021 will be $1,050,000  


 

 

BONUS DEPRECIATION


Code Sec. 168(k) provides a first-year bonus depreciation deduction for qualifying property.

A 50% rate applies to property acquired from 2012 through 9/27/2017

A 100% rate applies to property acquired after 9/27/17 and before 1/1/23



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