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What is the IRS 179 rule?

Section 179 of the IRC allows businesses to take an immediate deduction for business expenses related to depreciable assets such as equipment, vehicles, and software. This allows businesses to lower their current-year tax liability rather than capitalizing an asset and depreciating it over time in future tax years.

What property is not eligible for Section 179 treatment?

While you can claim a Section 179 deduction for most kinds of property or assets, there are some types of assets that dont qualify: Real property Buildings, land and land improvements (this includes swimming pools, paved parking areas, docks, bridges and fences) Air conditioning and heating equipment.

How to fill out Section 179 deduction?

You claim the Section 179 deduction on Part I of Form 4562. Youll have to include a description of the property, its cost, and the amount of Section 179 youre claiming for that asset on Line 6. If you need more room, you can attach a list to Form 4562.

What is the Section 179 deduction for 2023?

Section 179 deduction dollar limits. For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000.