Depreciation Defined: Used Property Bonus Depreciation Rules at a Glance Used property bonus depreciation rules allow eligible taxpayers to deduct a significant percentage of a qualifying asset’s cost in the year it’s placed in service — rather than spreading deductions over years. This immediate deduction can substantially reduce taxable income and, in turn, your IRS […]

Asset Eligibility Defined: What Assets Are Eligible for Depreciation If you’re asking what assets are eligible for depreciation, the IRS allows businesses and individuals to deduct the cost of qualifying property over its useful life — reducing taxable income and, in some cases, your overall tax debt. Eligible assets must be owned, used for income-producing […]