Quote:
Originally Posted by aas5
Under the new act, you get to deduct 100% of the purchase price in year of acquisition for any new or used tangible depreciable property vs. 50% under the old law. "Used" means original use of the property need not commence with acquiror but may not be acquired from related person or in a non-taxable transaction. So a big improvement in tax benefit if you can use your car for business.
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That is what my accountant explained to me when we were standardizing the other night. I will be taking advantage of this for tax year 2018.
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2023 M340ix my Daily Driver
G83 M4CV, F80 M3 CS, E30 M3, Z8, other various BMW's
Ferrari F8