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💰 Does My Aircraft Qualify for 100% Bonus Depreciation? | AeroCPA - Specializing in Aircraft Taxation and Accounting

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CRInsight: The increase in the Section 179 expense deduction may be of lesser significance as the bonus depreciation deduction has been increased to 100% through December 31, 2022 — and now also includes used property. Tie Your Bonus Depreciation and Section 179 Expense Gift Up with a Bow
The IRS issued proposed regulations providing guidance on Sec. 168(k), which was amended by P.L. 115-97, known as the Tax Cuts and Jobs Act, to increase the allowable first-year depreciation deduction for qualified property from 50% to 100%.
The Tax Cuts and Jobs Act, enacted at the end of 2018, increases first-year bonus depreciation to 100%. It goes into effect for any long-term assets placed in service after September 27, 2017. The 100% bonus depreciation amount remains in effect from September 27, 2017 until January 1, 2023.

Bonus Depreciation Regs & More #038

Bonus depreciation doesn't have to be used for new purchases but must be "first use" by the business that buys it. Bonus depreciation increased to 100% for qualified purchases made after September 17, 2017, and remains at 100% until January 1, 2023.
We had a reader send in the following question: “I read a post from you a week ago or so about 100% bonus depreciation on farm buildings. Looking at putting up a machinery shop will I be able to deduct all of the cost my 2011 taxes if I put the building up this year […]
BONUS DEPRECIATION. Set to expire at the end of calendar year 2019, there is a bonus depreciation available that allows more of the normal depreciation to occur in the earlier years and thereby encourages solar photovoltaic investment. This bonus is stepped down over the 3 years from 50%, to 40% for 2018, and finally 30% for 2019.
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Retroactive Depreciation Changes Encourage Closing Deals Before Year End 100 bonus depreciation

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The Tax Cuts and Jobs Act, enacted at the end of 2018, increases first-year bonus depreciation to 100%. It goes into effect for any long-term assets placed in service after September 27, 2017. The 100% bonus depreciation amount remains in effect from September 27, 2017 until January 1, 2023.
On February 24, 2011, the Department of Revenue issued Corporation Tax Bulletin 2011-01 which explains how corporate taxpayers should handle the 100% bonus depreciation in the calculation of corporate net income tax.
For the first tax year ending after Sept. 27, 2017, a taxpayer can elect to claim 50% bonus first-year depreciation (instead of claiming a 100% first-year depreciation allowance). (Code Sec. 168(k), as amended by Act Sec. 13201) The election to accelerate AMT credits in lieu of bonus depreciation is repealed.

starburst-pokieBonus depreciation rules, recovery periods for real property and expanded section 179 expensing | Insights 100 bonus depreciation

Bonus depreciation rules, recovery periods for real property and expanded section 179 expensing | Insights 100 bonus depreciation

CRInsight: The increase in the Section 179 expense deduction may be of lesser significance as the bonus depreciation deduction has been increased to 100% through December 31, 2022 — and now also includes used property. Tie Your Bonus Depreciation and Section 179 Expense Gift Up with a Bow
• 100% bonus depreciation is not available for Section 734 adjustments • 100% bonus depreciation is not available for remedial allocations under Section 704(c) • The proposed regulations confirm that 100% bonus depreciation is available for acquisitions using Sections 338(h)(10) and 336(e)
The 100 percent bonus depreciation benefit arises under the Tax Cuts and Jobs Act of 2017, H.R. 1, enacted on Dec. 22, 2017, (the Act), and is now integrated into the Internal Revenue Code (IRC). The Act temporarily allows 100 percent bonus depreciation starting Sept. 27, 2017, and ending Dec. 31, 2022.

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100 bonus depreciation Does My Aircraft Qualify for 100% Bonus Depreciation?
AeroCPA - Specializing in Aircraft Taxation and Accounting IRS Circular 230 Notice: Pursuant to Sections 10.
Nor can any blog post be relied upon as tax advice for the viewer.
In the past some clients have asked in a joking tone, "Can't I just write off the new jet this year and call it good?
Then the Tax Cuts and Jobs Act of 2017, "The Tax Bill", passed in December 100 bonus depreciation and the answer is now "Maybe".
The Tax Bill added a provision for 100% bonus depreciation on Qualified Assets, both new and used, placed into service after September 27, 2017 and before January 1, 2023 when a phaseout begins.
Now clients are asking, "If I buy a new aircraft does it qualify for 100% bonus depreciation?
I find myself asking three questions right off the bat.
The first question is whether or not the airplane operations qualify to take bonus?
The third question that I am asking is about the future operations to see if there is a strong possibility that the depreciation will be recaptured in the future due to decreased business use.
There are many other follow up questions, but for the purpose of this post, let's just explore these three.
Disclaimer: This post attempts to simplify the law as much as possible, but does not cover all exceptions to the general rules.
Each situation should be evaluated separately and if you have specific questions, contact your advisor.
Question 1: Is the aircraft a qualified asset for bonus depreciation?
To qualify for bonus the asset must be eligible for MACRS depreciation.
One of the requirements is that the asset is not used predominately outside the United States.
Therefore, additional due diligence is needed for aircraft operations with a large international component.
Another requirement for Qualified Assets is the IRC 280F 50% Qualified Business Use Test.
Qualified business use means any use in the taxpayer business except for the few exceptions put in IRC 280F d 6 c which includes leases or compensatory flights to a 5% owner and related parties.
If you fail the 25% test or if you pass the 25% test but cannot meet the overall 50% test, then you do not qualify for bonus depreciation or accelerated depreciation under MACRS and you will need to use straight line depreciation over the longer Alternative Depreciation Systems ADS life.
If you pass both tests, then you generally qualify for MACRS accelerated depreciation and can take bonus.
It is also important to note that for purchases after September 27, 2017 100% bonus depreciation is available for new and used equipment.
In the past, bonus depreciation was only available for new equipment.
The Tax Bill opened this up to used equipment as long as it was the first use by the taxpayer.
I will be watching for guidance to clarify what the drafters meant by this language.
I anticipate that regulations will be necessary to clarify situations such as prior leasing of the equipment and assets contributed into an entity that is considered a separate taxpayer under the Internal Revenue Code.
Question 2: To what extent will your personal entertainment flights and passengers affect your ability to deduct a portion of the 100% bonus depreciation?
And what can we do more info reduce the impact of these entertainment passengers?
In the year of acquisition is it is important to keep an eye on 100 bonus depreciation entertainment passengers, including spouses.
Under IRC 274 these entertainment passengers affect the amount of deductible aircraft expenses for the business, including bonus depreciation.
If elected, you will need to use this method for all aircraft in the fleet both owned and leased.
The regulations provide a transition rule for applying the straight-line election to aircraft placed in service in taxable years preceding the election, which requires the taxpayer to apply the straight-line method as if it had been applied 100 bonus depreciation the year the aircraft was placed in service.
The straight line election is easily made when filing your tax return, but it is 100 bonus depreciation to be aware that according to Regulation 1.
It has also been clarified in Regulation 1.
The aircraft meets all the tests for a Qualified Asset and is eligible for bonus depreciation.
Scenario 1: The taxpayer has an internal aircraft use policy in their company that does not allow any personal passengers on board the aircraft.
In this hypothetical example, the client sticks to this policy and at the end of the year their aircraft expenses are 100% deductible.
Scenario 2: 100 bonus depreciation taxpayer often travels with personal guests and his spouse on company trips.
For the purpose of this comparison, the calculated percentage that is disallowed for the spouse and other personal entertainment passengers during the year is 35% and the ADS life of the asset according to IRS Revenue Procedure 87-56 Asset Class 00.
The effective rate of bonus depreciation in year 1 for this taxpayer is not 100% due to personal entertainment passengers.
The difference in the simplified scenarios above attempt to demonstrate that it is important, especially in the year of acquisition, to understand the impact that your personal travel can have on bonus 100 forex no deposit and your ability to deduct your aircraft costs and it is also import to know that too much personal travel and not enough core business travel can trigger depreciation recapture, which leads us to question 3.
Question 3: What is the possibility of recapture due to decreased business use in the future?
The IRS requires a taxpayer to recapture and include in income any excess depreciation taken over the ADS life using straight line depreciation in the year that the taxpayer's qualified business use is 50% or less.
The taxpayer then reports the excess amount of depreciation taken as income on their tax return in the year the recapture provision is triggered.
The amount recaptured increases the adjusted basis of the property by the same amount and going forward you would depreciate the aircraft using the straight line method over the remaining ADS life still taking into account any disallowance calculated under IRC 274.
This would trigger the recapture provisions and income would be recognized on their tax return that year.
The tax due on the income from the recapture could be detrimental to the taxpayer's cash flow if they were unaware that they would have to recapture this amount.
The recapture is similar to what we call "phantom income.
As a result, there may or may not be enough cash in the business to pay the tax bill or make a distribution to a pass-through owner in the year the recapture provision is triggered.
If there is a strong possibility that you would have to recapture the bonus depreciation taken, then you may want to discuss with your tax advisor electing to take 50% instead of 100% bonus depreciation, electing out of bonus, making the election to use straight line to depreciate your new aircraft, or simply discuss creating a deferred tax reserve so that you have the cash to pay the tax or distribute to the owners in the year the recapture is triggered.
Overall the 100% bonus depreciation in The Tax Bill will be a huge tax savings for many clients and it remains important for tax professionals to educate the aircraft owners on the impact of personal passengers.
If the business is getting close to 50% qualified business use then they may need to consider limiting 100 bonus depreciation amount of personal use allowable on the aircraft.
This is an asset by asset test and therefore, it is possible to use outside charter and other strategies to ensure the business use does not fall below 50%.
These strategies are often only effective if done proactively.
So be sure to monitor the personal usage closely and frequently.
As I stated above, this post attempts to simplify the law as much as possible, but does not cover all exceptions to the general rules.
Each situation should be evaluated separately and if you have specific questions, contact your advisor. 100 bonus depreciation 100 bonus depreciation 100 bonus depreciation 100 bonus depreciation 100 bonus depreciation 100 bonus depreciation

Section 179 Depreciation



100% Bonus Depreciation May Apply to Qualified Improvement Property Placed in Service Prior to January 1, 2018 - The Ledger - Mazars USA 100 bonus depreciation

Proposed bonus depreciation regs. provide answers, create new questions 100 bonus depreciation

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.
The revenue procedure spells out the requirements property must meet to be eligible for 100% bonus depreciation, including the acquisition date, the placed-in-service date, and the date when original use of the property commences with the taxpayer. Special requirements apply to self-constructed property.
Bonus Depreciation – Bonus depreciation percentage has been increased from 50% to 100% for qualified property. Qualified property has been expanded to include “new to the taxpayer,” meaning “used property” now qualifies.

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