In a new Fact Sheet, the IRS has detailed out the new depreciation deduction law changes under the Tax Cuts and Jobs Act.
The Fact Sheet highlights changes in:
- Section 179 Expense Limit Increases
- 100% First Year Bonus Depreciation Changes
- Changes in Luxury Auto and Personal Use Property Deductions
- Changes in the Treatment of Certain Farm Property
- New Applicable Recovery Periods for Real Property by Electing Businesses using ADS
- Use of ADS Recovery Lives for Electing Farm Businesses
You can find a copy of the Fact Sheet here.