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 $20,000 annually.

Question

Quizplus · Accepted Answer

The maximum amount that can be expensed under Section 179 for depreciable personal property is much higher than $20,000. For 2023, the limit is $1,160,000.

Taxpayers May Expense the Cost of Depreciable Personal Property Placed