can you use bonus depreciation on a used asset
Section 179 expense is reported on Schedule K and passed to the partners or shareholders and is not reported in ordinary income. Bonus deprecation is allowed on new assets placed in service in the current tax year and used in the United States with a recovery period of 20 years or less. Certain leasehold improvements, restaurant property, and retail improvement property may also qualify for bonus deprecation. Used assets are not eligible for bonus depreciation. Bonus depreciation is calculated after Section 179 expense is taken and before current year depreciation is calculated.