IRS Form: Draft Instructions for Depreciation, Amortization (IRC §179)

Draft instructions to Form 4562, Depreciation and Amortization, released November 6 to reflect changes in depreciation and amortization for 2020. The maximum tax code Section 179 expense deduction for tax years beginning in 2020 is $1,040,000. The maximum Section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2020 is $25,900, the IRS stated. Furthermore, certain depreciation deductions allowances will not apply for property placed in service after December 31, 2020, such as: (1) the increased Section 179 deduction for qualified empowerment zone property; (2) qualified second generation biofuel plant ...