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Tax & Accounting Alert -- Revenue Procedure 2011-26 Offers New Guidance on 50% and 100% Bonus Depreciation

Posted 12:00 PM by

Earlier this year, the IRS issued Revenue Procedure 2011-26, which provides guidance on claiming the 50% or 100% first-year depreciation bonus for qualifying business property. The guidance explains the requirements for claiming 100% bonus depreciation and allows taxpayers to elect 50% bonus depreciation in lieu of 100% bonus depreciation for certain property placed in service in 2010.

The guidance also outlines special requirements for self-constructed property and procedures for claiming missed 50% bonus depreciation on property placed in service before the tax break was reinstated in late 2010.

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