For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

Written by promotiondept

November 12, 2018

For y busness txpyers, tme s runnng out to elect out of new 100-percent deprecton deducton for 2017

R-2018-196, Oct. 4, 2018

R-2018-196, Oct. 4, 2018

WSHNGTON — The nternl Revenue Servce tody remnds busness txpyers who plced qulfyng property n servce durng 2017 but choose not to clm the new 100-percent deprecton deducton, tht they hve lmted tme to fle the requred electon wth the RS.

WSHNGTON — The nternl Revenue Servce tody remnds busness txpyers who plced qulfyng property n servce durng 2017 but choose not to clm the new 100-percent deprecton deducton, tht they hve lmted tme to fle the requred electon wth the RS.

n generl, ndvduls nd clendr-yer corportons must fle the electon wth the RS by Oct. 15, 2018. The new 100-percent deducton llows busnesses to wrte off most deprecble busness ssets n the yer they re plced n servce. Ths deducton ws eted by the Tx Cuts nd Jobs ct (TCJ), the tx reform legslton encted n December 2017. Becuse the deducton s retroctve nd pples to qulfyng property cqured nd plced n servce fter Sept. 27, 2017, t my ffect y 2017 tx returns. See IRS Fact Sheet 2018-09 for more detls.

n generl, ndvduls nd clendr-yer corportons must fle the electon wth the RS by Oct. 15, 2018. The new 100-percent deducton llows busnesses to wrte off most deprecble busness ssets n the yer they re plced n servce. Ths deducton ws eted by the Tx Cuts nd Jobs ct (TCJ), the tx reform legslton encted n December 2017. Becuse the deducton s retroctve nd pples to qulfyng property cqured nd plced n servce fter Sept. 27, 2017, t my ffect y 2017 tx returns. See IRS Fact Sheet 2018-09 for more detls.

The 100-percent deprecton deducton generlly pples to deprecble busness ssets wth recovery perod of 20 yers or less nd certn other property. Mchnery, equpment, computers, pplnces, furnture, certn plnts nd qulfed , televson nd lve thetrcl productons generlly qulfy. Further detls cn be n proposed regulations, ssued lst month, s well s n Publication 946, How to Deprecte Property, nd n Form 4562, Deprecton nd mortzton, nd ts nstructons.

The 100-percent deprecton deducton generlly pples to deprecble busness ssets wth recovery perod of 20 yers or less nd certn other property. Mchnery, equpment, computers, pplnces, furnture, certn plnts nd qulfed , televson nd lve thetrcl productons generlly qulfy. Further detls cn be n proposed regulations, ssued lst month, s well s n Publication 946, How to Deprecte Property, nd n Form 4562, Deprecton nd mortzton, nd ts nstructons.

Txpyers who elect out of the 100-percent deprecton deducton, s well s the 50-percent deducton vlble under pror lw, must do so by ttchng sttement to tmely-fled return. For detls, see the nstructons for Prt of Form 4562.

Txpyers who elect out of the 100-percent deprecton deducton, s well s the 50-percent deducton vlble under pror lw, must do so by ttchng sttement to tmely-fled return. For detls, see the nstructons for Prt of Form 4562.

Those who hve lredy tmely fled ther 2017 return nd dd not elect out but stll wsh to do so need to fle n mended return. The dedlne for flng the electon s sx months fter the orgnl dedlne. For ndvduls or clendr-yer corportons, ths mens Oct. 15, 2018.

Those who hve lredy tmely fled ther 2017 return nd dd not elect out but stll wsh to do so need to fle n mended return. The dedlne for flng the electon s sx months fter the orgnl dedlne. For ndvduls or clendr-yer corportons, ths mens Oct. 15, 2018.

For more nformton ths nd other TCJ provsons, vst IRS.gov/taxreform.

For more nformton ths nd other TCJ provsons, vst IRS.gov/taxreform.


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