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.
Your Somerset Advisor is here to help you with your questions on the changes in the Tax Cuts and Jobs Act. Contact us at 317-472-2200 or .
