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500K Section 179, extended bonus depreciation enacted
September 28, 2010
The President yesterday signed HR 5297 into law. Some kep provisions:
- $500,000 Section 179 depreciation limit for years beginning in 2010 and 2011.
- 50% bonus depreciation has been extended for assets placed in service through December of this year.
- The built-in-gain recognition period for S corporations has been reduced to five years for 2011 recognition events.
- AMT offset for business credits. General business credits arising this year will offset alternative minimum tax, not just regular tax.
- Rental owners will have to start issuing 1099-MISCs to their service providers who they pay $600 or more in a year, starting next year.
- For this year only, self-employed taxpayers can deduct their health insurance in computing self-employment tax.
More details here. Additional coverage:
TaxProf Blog
Roger McEowen
Kay Bell
Paul Neiffer
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Comments
1. 50% bonus depreciation?
ex. I buy a truck for $25k biz use only and I can deduct the $25k plus take a 50% bonus deduction on top?
Great summary of HR 5297
thanks
Posted by: Andy | October 20, 2010 12:08 PM
Andy - it's one or the other - you can either take Sec. 179 for a property or bonus depreciation for the same basis. You can't do both for the same basis.
Posted by: Joe Kristan | October 20, 2010 3:27 PM