What IRS Excludes: Assets That Do Not Qualify for Depreciation Not all property is depreciable. Assets that do not qualify for depreciation include land, personal-use property, inventory, and assets held for less than one year. Misclassifying these on your return can trigger IRS audits, penalties, and growing tax debt that becomes difficult to resolve. Claiming […]

Tax Terms Explained: Bonus Depreciation Eligibility Requirements Bonus depreciation eligibility requirements allow qualifying businesses to immediately deduct a large percentage of eligible asset costs in the year of purchase rather than spreading deductions over time. Under IRS Section 168(k), businesses may deduct up to 60% of qualifying property costs placed in service in 2024, helping […]