Tax Cuts and Jobs Act or TCJA

IRS and Treasury release final and proposed regulations on new 100% depreciation

The Treasury Department and the Internal Revenue Service recently released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

  • The Final Regulations finalize previously proposed regulations in August 2018
  • Proposed regulations contain new provisions that were not addressed previously
  • The 100% additional first year depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

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