Taxpayers may expense the cost of depreciable personal property placed in service during the year and used in a trade or business in an amount up to a maximum of $2,550,000 annually.

Question

Quizplus · Accepted Answer

The maximum amount that can be expensed under Section 179 for depreciable personal property placed in service in a given year is higher than $2,550,000. As of the last update, the limit was set at $1,080,000 for tax year 2022, with adjustments for inflation in subsequent years.

Taxpayers May Expense the Cost of Depreciable Personal Property Placed