On September 21st, 2020, the IRS finalized regulations concerning the depreciation of equipment purchases. This news allows businesses to deduct 100% of the cost related to your equipment purchase.
The deduction applies to qualifying property (including used property) acquired and placed in service after September 27, 2017. The final regulations provide clarifying guidance on the requirements that must be met for property to qualify for the deduction, including used property.
You can read the whole statement under the news releases on the IRS website by clicking the button below.