New guidance from the IRS and Treasury Department is allowing real estate companies to withdraw past elections that have been blocking many of them from the massive benefits of the bonus depreciation tax break added in last year’s tax law.
The government issued Revenue Procedure 2026-17 Wednesday providing guidance under code Section 163(j) on how to withdraw from the elections, freeing businesses to fully deduct certain costs all at once.
The guidance also impacts electing farming businesses and excepted regulated utilities, according to the document.
The 2025 tax and spending law changed the rules around bonus depreciation with a ...
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