Enrolled Agent Exam [Part 2] 42, Bonus Depreciation — Phase-Down Schedule

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The bonus depreciation rate for 2024 is 60%, and it decreases by 20% each year until it reaches zero in 2027. - Used property now qualifies for bonus depreciation, a significant change from pre-TCJA rules and a common exam trap. - The election to opt out of bonus depreciation must be made for an entire asset class, not on an asset-by-asset basis. - Bonus depreciation is claimed on Form 4562, Depreciation and Amortization. - Certain long-production-period property benefits from a one-year delay in the phase-down schedule. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep