Of Course. The Section 179 expense election is a choice you have the first year certain property is placed in service. This allows you to take all or a portion of the cost of depreciable property instead of depreciating it over the life of the asset. The most common is tangible personal property. The details are discussed in the publication below, page 15.
Section 179 allows taxpayers to deduct the cost of certain property as an expense when the property is placed in service. For tax years beginning after 2017, the TCJA increased the maximum Section 179 expense deduction from $500,000 to $1 million.
The phase-out limit increased from $2 million to $2.5 million. These amounts are indexed for inflation for tax years beginning after 2018.
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