Bonus Depreciation 2024 Rental Property Tax Return

Bonus Depreciation 2024 Rental Property Tax Return. Bonus depreciation has been changed for qualified assets acquired and placed in service after september 27, 2017. Bonus depreciation is an accelerated form of depreciation — it allows you to deduct a fixed percentage (80% for 2023) of an asset’s cost upfront instead of spreading the deduction out over its useful life.

Depreciation deductions for rental property are allowed until all costs have been recovered or the owner no longer rents the property (e.g., it’s sold, destroyed, or taken off the. Qualifying property placed in service in 2023 is.