Hi, I’m Patrick, and I work for the IRS.
Did you know that businesses can now write off most depreciable assets in the year they place them in service?
If you run a business, now you can often deduct the full cost of both new and used depreciable property in the year you buy it and start using it in your business.
Among other things, machinery, equipment, computers, appliances and furniture will often qualify for the deduction.
Normally, used property also qualifies for the deduction, but only if you didn’t use it in the past and only if you didn’t acquire it from a related party, such as a family member or another business you own.
Finally, film, television and live theatrical productions are now eligible for the 100 percent deduction.
And there are new rules that can help farmers.
To get all the details, go to irs.gov/newsroom/businesses.
Then click the link for “depreciation and expensing.”
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