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Video instructions and help with filling out and completing How Form 2220 Depreciated

Instructions and Help about How Form 2220 Depreciated

Welcome my name is Marci Hampton and I'm a faculty member at the UCF Dixon school of accounting in this short lecture I'm gonna talk about makers depreciation this is video 3 of a 3 video set this video will deal with section 179 and bonus depreciation on tangible personal property with tangible personal property we have the ability to expense assets under what we call section 179 of the Internal Revenue Code this is an election that we can make to immediately expense an assets cost or part of its cost instead of depreciating it over several years this is of course subject to limits section 179 is only available on tangible personal property not real property you will also note that there is an annual election that we make on the property placed in service in the current year and is only available in the year that we place the asset in service so what is the maximum amount that is allowed to be expensed under section 179 this amount you will find changes every year for 2023 through 2023 the maximum amount that you could expense under section 179 was $500,000 as of January 1st of 2023 the limit was reduced back down to 25,000 that is likely to be extended back up to 500,000 before the end of 2023 but at the time of this video and it's still not yet been extended please note that the limit for section 179 is per taxpayer per year not per asset and it can be split over several assets as desired so further limits that we have for section 179 the first of which is what we call the ceiling or threshold limitation we have a ceiling or threshold that we cannot exceed if we place more than...

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