![]() This means you bear the burden of exhaustion of the capital investment in the property. You can depreciate leased property only if you retain the incidents of ownership in the property (explained below). See Certain Qualified Property Acquired After Septemand What Is Qualified Property, later. The special depreciation allowance is also 80% for certain specified plants bearing fruits and nuts planted or grafted after December 31, 2022, and before January 1, 2024. The special depreciation allowance is 80% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2022, and before Janu(other than certain property with a long production period and certain aircraft). Phase down of special depreciation allowance. ![]() ![]() 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.Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900. For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000. ![]()
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