All personal property placed in service in 2018 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 100% bonus depreciation for qualifying property placed in service after September 27, 2017, and before January 1, 2023. This includes all personal property, such as machinery, equipment, and furniture, that is used in a trade or business. Therefore, all personal property placed in service in 2018 would qualify for additional first-year depreciation.

All Personal Property Placed in Service in 2018 and Used