Masonry Magazine December 2008 Page. 38
FINANCE
Before the law changes, a masonry contractor or business could deduct or "expense" up to $128,000 of the cost of depreciable business assets for 2008. If the cost of qualified property placed in service during the year was more than $510,000, the ceiling for that business is reduced, dollar-for-dollar, by the amount over the applicable limit.
The new, temporary rules make no changes to the general rules for the types of property that are eligible for expensing. Generally, the property must be tangible or real property used in the trade or business and eligible for depreciation. The property must be used more than 50 percent of the time for business, as well as have been newly purchased.
Although a more complete list of eligible Section 179 property is available in IRS publications or their Web site (www.irs.gov), generally, computers, telephones, telephone systems, copiers, office furniture and other equipment and property acquired for business purposes and used in a masonry business. Investment property does not, of course, qualify for depreciation purposes, let alone the Section 179 write-off.
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In early-2008, Congress resurrected bonus depreciation as part of the so-called "rebate" law changes in an effort to encourage business investment. The new law provides qualifying taxpayers 50 percent bonus depreciation of the adjusted basis of qualifying property, but only for that acquired in 2008. To claim bonus depreciation, property must be:
Eligible for basic depreciation (the modified accelerated cost recovery system or MACRS, with a depreciation period of 20 years or less)
Computer software (off-the-shelf)
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