Publication 946 (2020) How To Depreciate Property ...

James Elm is a building contractor who specializes in constructing office buildings. He bought a truck last year that had to be modified to lift materials to second-story levels. The installation of the lifting equipment was completed and James accepted delivery of the modified truck on January 10 of this year.

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Publication 946 (2020) How To Depreciate Property ...

Section 179 deduction dollar limits. For tax years beginning in 2021 the maximum section 179 expense deduction is $1050000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2620000.Also the maximum expense deduction for sport utility vehicles placed in service in tax years beginning in 2021 is $26200.

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