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    Bonus Depreciation

    If I claim bonus depreciation on 7 year, new property in 2017 and it is taken out of service in 2018, is there some kind of recapture?

    #2
    More facts needed, like if this is an entity and what does it means to "take out of business".

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      #3
      If it had a fair market POSITIVE value of course.

      Comment


        #4
        Answer to ?

        My client will be closing the business in mid 2018 and converting the asset personal use. What happens to Bonus Depreciation claimed in 2017 in 2018, if anything?

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          #5
          Nothing happens to it. Taxpayer gets to keep the deduction.

          At whatever point the property is sold, the taxpayer may have a gain due to the larger depreciation (Bonus Depreciation).

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