No. The bonus is allowed above the sec 179 to the max bonus limit. Sec 179 and bonus depreciation are separate. Be sure to keep track of how much of each as you may need to recoup the depreciation.
Items first placed in service are usually depreciated or you have the option to take a sec 179. You can take both. but it gets more tricky. The sec 179 limit is applied first. Then any allowable bonus depreciation can be claimed. Page 5, line 14 for form 4562 states:
For qualified property (defined below) placed in service during the tax year, you may be able to take an additional special depreciation allowance. The special depreciation allowance applies only for the first year the property is placed in service. The allowance is an additional deduction you can take after any section 179 expense deduction and before you figure regular depreciation under MACRS.
For more about sec 179, see Pub 946
For more about bonus depreciation, see Form 4562 instructions
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
