schirallicpa Posted February 16, 2023 Report Share Posted February 16, 2023 Usage dropped from 100 to 60. Asset was purchased in 2020 and we took the bonus depreciation at 100%. Do I need an addback - like with Sec 179? 1 Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 16, 2023 Report Share Posted February 16, 2023 See pages 13-15 for example: https://www.irs.gov/pub/irs-utl/2018ntf-pros-and-cons-of-full-expensing-and-section-179.pdf Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 16, 2023 Author Report Share Posted February 16, 2023 Right - I know if it's Sec 179 I need to make some adjustments. In this case, it was Bonus depreciation. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 16, 2023 Report Share Posted February 16, 2023 It should apply to both. Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 16, 2023 Report Share Posted February 16, 2023 According to The Tax Book comparison chart there is no recapture of the Special Depreciation Allowance unless it's listed property whose use falls below 50%. 2 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 16, 2023 Author Report Share Posted February 16, 2023 1 minute ago, cbslee said: According to The Tax Book comparison chart there is no recapture of the Special Depreciation Allowance unless it's listed property whose use falls below 50%. That's what I was thinking. I knew I had read that somewhere and wondered how much people were going to get away with expensing things they knew they were only going to hold a few months. Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 16, 2023 Report Share Posted February 16, 2023 They do have hold it past 12/31 Quote Link to comment Share on other sites More sharing options...
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