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I dont know how to handle 50% bonus depreciation. I am confused

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I don't know how to...
I don't know how to handle 50% bonus depreciation. I am confused and definitely need a thorough explanation. Perhaps a numerical example. My accountant has filed for an extension. I have a meeting next week and I would like to be informed so I can make the best decision. Here is the situation: I built a solar PV array for $300,000 and put it in service in 2012. I am allowed50% bonus depreciation for the first year. Does this mean that I can depreciate $150.000 the first year? Is my total depreciation $300,000 or do I get an additional $150,000 on top of the $300,000? Will the AMT catch me? I am the only owner of the LLC.
Submitted: 4 years ago.Category: Tax
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Answered in 41 minutes by:
6/4/2013
Tax Professional: Barbara, Enrolled Agent replied 4 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,056
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome and thank you for giving me the opportunity to assist you with your tax question.

 

Your question merits a lot of explanation. The best information I have found that is contained in one place which is very easy to understand is at http://www.section179.org/

 

Please follow along in the text and click on the questions at the bottom. You will start with Section 179 which has a limit of $500,000 for 2012 (retroactive).

 

After reviewing this information, if you have any other questions, please let me know. I will be available tomorrow and will be happy to further assist you.

 

Thank you.

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Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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