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New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act

Businesses can immediately expense more under the new law

A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million.

The new law also expands the definition of section 179 property to allow the taxpayer to elect to include the following improvements made to nonresidential real property after the date when the property was first placed in service:

These changes apply to property placed in service in taxable years beginning after December 31, 2017.

Posted: June 28, 2018

In need of accounting services? Please contact our office to talk to one of our professionals about your accounting needs and how we may be of service.

Bassman, Adelman & Weiss, PC
630 Sentry Parkway East, Suite 200
Blue Bell, PA 19422
voice: 215-628-0420
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