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Bonus Depreciation on cost to develop an inhouse software

  • 1.  Bonus Depreciation on cost to develop an inhouse software

    Posted 08-05-2021 03:49 PM

    A software that was developed inhouse for $200,000 was put in service starting 01/01/2020 and is eligible to be depreciated over 36 months under IRC Sec 167(f)(1) per Rev Proc 2000-50. Can a 100% bonus depreciation be claimed on it for 2020? Will greatly appreciate any insight on it.

     

    Many thanks!

     

    Mariya Luqmani, CPA, CA, MST

    1455639221917_PastedImage

    Mariya Luqmani, CPA, P.C.

    1 Huntington Quadrangle

    Suite 3S05

    Melville, New York 11747

    www.mlcpas.net

    Tel: 631-352-0786

    Fax: 516-450-5251

     

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