Used property is eligible for bonus depreciation.

Question

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Used property is eligible for bonus depreciation under the Tax Cuts and Jobs Act (TCJA) of 2017, as long as the property was not previously used by the taxpayer or a related party. This provision is known as the "used property rule" and applies to property acquired and placed in service after September 27, 2017. Therefore, used property acquired and placed in service before this date may not be eligible for bonus depreciation.

Used Property Is Eligible for Bonus Depreciation