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 $250,000 annually.

Question

Quizplus · Accepted Answer

The maximum amount that can be expensed under Section 179 for depreciable personal property is subject to annual limits set by the IRS, which have been higher than $250,000 in recent years.

Taxpayers May Expense the Cost of Depreciable Personal Property Placed