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Is the Special Bonus Depreciation right for me?
I purchased a used vehicle for my Vacation Rental. I'm unsure what exactly the "Special Bonus Depreciation" is. If I take advantage of it, do I only get a 100% deduction for this tax year? Or do I get part of my vehicle depreciation this year, and then percentages into the following 5 years? I'm wondering if I should not take the "Special Depreciation Bonus" because I'm not needing a big writeoff for this year. I could use the writeoff over the next 5 years. Thank you!
March 27, 2023
8:43 AM