Do I qualify for the bonus (special) depreciation deduction?
You may qualify for the bonus depreciation deduction depending on the type of asset you are depreciating. Bonus depreciation is also called special depreciation.
Bonus depreciation is a one-time deduction that can increase the amount of depreciation deduction that you get in the year that you take it. This essentially depreciates your asset faster than normal, so depreciation in future years will be lower than it otherwise would be.
Bonus depreciation is not always available and the amount of bonus depreciation can also change depending on current legislation.
See the Form 4562 instructions for further guidance on which assets qualify.
Bonus depreciation is a one-time deduction that can increase the amount of depreciation deduction that you get in the year that you take it. This essentially depreciates your asset faster than normal, so depreciation in future years will be lower than it otherwise would be.
Bonus depreciation is not always available and the amount of bonus depreciation can also change depending on current legislation.
See the Form 4562 instructions for further guidance on which assets qualify.
