Bonus depreciation in 2018 generally permits taxpayers to deduct a 100% of the cost of the...
Bonus depreciation in 2018 generally permits taxpayers
to deduct a 100% of the cost of the asset in the year place in
service
true or false
Homework Answers
Solution: The answer is TRUE
Explanation:
1) The Tax Cuts and Jobs Act has increased the bonus depreciation percentage to 100%( Previously 50%) for qualified property placed in service after September 2017 but before January 2023.
2) To avail this 100% bonus depreciation, the asset should have a recovery period of less than 20 years.
3) In the question, it is asked about asset placed in service in 2018.So, The statement is true.
Add Answer to:
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