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Let's review Section 179 which is a federal tax deduction for certain types of property that are purchased for use in an active trade or business. Watch Full Tax Depreciation Video ➡️ • Introduction to Accelerated Tax Depreciati... Watch more Tax Accounting Videos ➡️ • Tax Topics (United States) Supporting Details ✅ What is Section 179? -Section 179 allows a taxpayer to deduct a set dollar amount of qualified business property each year (qualified real property) -applies to property used in an active trade or business ✅ Types of Assets -Section 1245 Property = “tangible” or “personal” property -Section 1250 Property = “real property” ✅ Section 179 Expense Limits 2023: $1,160,000 2024: $1,220,000 **2025 update: expense limit increased to $2.5 million ==================================== I post daily accounting and finance quizzes here: / @patrickbraycpa ==================================== Disclosure Disclaimer: The information in this video is provided for general education purposes only and may not reflect changes in federal or state laws. This video is not intended to provide advice. Please consult with a professional tax advisor about your facts and circumstances. #depreciation #accountingtax #accounting #patrickbraycpa #taxaccounting #section179 #bonusdepreciation #savetaxmoney #MACRS #accountingdifferences #taxaccounting #irs #tax #IRSaccounting