IRS Form: Instructions for Depreciation, Amortization (IRC §168)

Instructions for Form 4562, Depreciation and Amortization, released January 25 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. The Consolidated Appropriations Act, 2021, extended several depreciation allowances that were scheduled to expire at the end of 2020. However, the depreciation deductions allowance will not apply for tax years beginning after December 31, 2020, for the increased Section 179 ...