"Qualified property for Economic Stimulus" is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).Material goods that generally qualify for the Section 179 DeductionPlease keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.Equipment (machines, etc) purchased for business use Tangible personal property used in business Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions) Computers Computer "Off-the-Shelf" SoftwareOffice Furniture Office Equipment Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment) Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).

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jennahlinn

Question

What does qualified property for Economic Stimulus mean?

Forum|Forum|6 years ago
June 3, 2019
1 reply
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TurboTax Deluxe Online

ToddL

Employee

"Qualified property for Economic Stimulus" is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).

Material goods that generally qualify for the Section 179 Deduction

Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.

Equipment (machines, etc) purchased for business use
Tangible personal property used in business
Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)
Computers
Computer "Off-the-Shelf" Software
Office Furniture
Office Equipment
Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).

Shiney2

Will the 100% bonus depreciation under economic stimulus be available in TY 2021 for equipment purchased in that year? Is this related to covid stimulus?

Critter-3

This deduction was just extended thru the 2026 tax year ... https://www.irs.gov/pub/irs-drop/td-9916.pdf

Section 13201 of the TCJA made several significant amendments to the
additional first year depreciation deduction provisions in section 168(k) (additional first
year depreciation deduction).

First, the additional first year depreciation deduction
percentage was increased from 50 to 100 percent.

Second, the property eligible for the
additional first year depreciation deduction was expanded, for the first time, to include
certain used depreciable property and certain film, television, or live theatrical
productions.

Third, the placed-in-service date was extended from before January 1,
2020, to before January 1, 2027 (and from before January 1, 2021, to before January 1,
2028, for longer production period property or certain aircraft property described in
section 168(k)(2)(B) or (C)).

Fourth, the date on which a specified plant may be planted
or grafted by the taxpayer was extended from before January 1, 2020, to before
January 1, 2027. T