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 $500,000 annually.

Question

Quizplus · Accepted Answer

The maximum amount that can be expensed under Section 179 for depreciable personal property placed in service during the year is subject to annual limits set by the IRS, which have been higher than $500,000 in recent years.

Taxpayers May Expense the Cost of Depreciable Personal Property Placed