New and used personal property placed in service in 2019 and used in a trade or business qualifies for additional first-year depreciation.

Question

Quizplus · Accepted Answer

The Tax Cuts and Jobs Act (TCJA) allows for a 100% bonus depreciation deduction for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023. This includes both new and used personal property used in a trade or business.

New and Used Personal Property Placed in Service in 2019