Continuing with the segment on Bonus Depreciation, this post will address depreciation rules for property in the New York Liberty Zone. A little over eight years ago, the atrocious events of September 11 left our country devastated physically, emotionally, and economically. With regards to the economic turmoil that ensued, particularly in the area of the [...]
There are three critical dates for each individual fixed asset. These dates establish when the asset was acquired, placed in service, and the start of depreciation. These three dates are listed below:
Acquisition Date - the date the asset was purchased.
Service Date - IRS rules define when an asset is placed in service and depreciation of [...]
Bonus Depreciation has become a hot topic and has seen many changes over the last decade. There are also continuing debates as to how effective it really is. However, we will attempt to clarify the issues of bonus depreciation by covering all the aspects and history. Continuing from the initial post on Bonus Depreciation and [...]