Announcement

Collapse
No announcement yet.

Bonus Depreciation

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    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?
    Tags: None
    #2
    More facts needed, like if this is an entity and what does it means to "take out of business".

    Comment

      #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?

        Comment

          #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).

          Comment

          Previous template Next

          Disclaimer

          Collapse

          This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

          Working...