Treasury, IRS issue propos regulations on new 100 percent depreciation

IR2018159, Aug. 3, 2018

IR2018159, Aug. 3, 2018

WASHINGTON — The Treasury Department and the Internal Revenue Service today issu proposed regulations on the new 100percent depreciation duction that allows businesses to write off most depreciable business assets in the year they are plac in service by the business.

WASHINGTON — The Treasury Department and the Internal Revenue Service today issu proposed regulations on the new 100percent depreciation duction that allows businesses to write off most depreciable business assets in the year they are plac in service by the business.

The propos regulations, available today in the Feral Register, implement several provisions includ in the Tax Cuts and Jobs Act (TCJA).

The propos regulations, available today in the Feral Register, implement several provisions includ in the Tax Cuts and Jobs Act (TCJA).

The 100percent depreciation duction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. ry, equipment, computers, appliances and furniture generally qualify.

The 100percent depreciation duction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. ry, equipment, computers, appliances and furniture generally qualify.

The duction is retroactive, applying to qualifying property acqui and plac in service after Sept. 27, 2017. The propos regulations guidance on what property qualifies for the duction and rules for qualifi , television, live theatrical productions and certain plants.

The duction is retroactive, applying to qualifying property acqui and plac in service after Sept. 27, 2017. The propos regulations guidance on what property qualifies for the duction and rules for qualifi , television, live theatrical productions and certain plants.

For details on claiming the duction or electing out of claiming it, see the propos regulations or the instructions to Form 4562, Depreciation and Amortization (Including Infation on List Property).

For details on claiming the duction or electing out of claiming it, see the propos regulations or the instructions to Form 4562, Depreciation and Amortization (Including Infation on List Property).

Taxpayers who elect out of the 100percent depreciation duction must do so on a timelyfil return. Those who have al timely fil their 2017 return and did not elect out but still wish to do so, have six months from the original deadline, without an extension, to file an amend return.

Taxpayers who elect out of the 100percent depreciation duction must do so on a timelyfil return. Those who have al timely fil their 2017 return and did not elect out but still wish to do so, have six months from the original deadline, without an extension, to file an amend return.

Treasury and IRS welcome public comment, and the propos regulations details on how to submit comments.

Treasury and IRS welcome public comment, and the propos regulations details on how to submit comments.

For more infation about this and other TCJA provisions, visit IRS.gov/taxreform.

For more infation about this and other TCJA provisions, visit IRS.gov/taxreform.


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