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| Author : | Paul Winn, CLU, ChFC |
| Course Length : | Pages: 49 ||| Word Count: 19,722 ||| Review Questions: 10 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2885 |
| Overview : |
1. Who is this course for? This course is designed for CPAs, accountants, tax preparers, IRS Enrolled Agents, and anyone needing Continuing Professional Education (CPE) who wants to understand and apply the rules governing Section 179 deductions, bonus depreciation, and IRS Form 4562 reporting. 2. What is this course about or what problem does this course solve? This course explains the requirements, calculations, limitations, elections, recapture rules, and reporting procedures related to Section 179 deductions and bonus depreciation, helping professionals properly claim accelerated depreciation deductions and complete IRS Form 4562. 3. Where can the knowledge from this course be used? The knowledge gained from this course can be applied in tax preparation, tax planning, business asset acquisition decisions, depreciation reporting, and the preparation of federal tax returns that involve Section 179 property, bonus depreciation, and IRS Form 4562. 4. Why is this course important to a CPA, Accountant, or IRS Enrolled Agent? This course is important because it helps tax professionals correctly determine eligibility for Section 179 and bonus depreciation deductions, calculate allowable deductions, understand recapture requirements, maintain appropriate records, and accurately report depreciation information on IRS Form 4562. 5. When is this course relevant or timely? This course is relevant whenever taxpayers acquire, place into service, or dispose of depreciable business property, need to evaluate accelerated depreciation opportunities, or must prepare tax returns that require depreciation deductions and related reporting. 6. How is a course like this consumed or used? This self-study text course is completed independently by reviewing the course material, studying the examples and explanations, answering review questions, and passing the final exam with a score of at least 70% to earn CPE and IRS credit. |
| Description : |
The course titled Section 179 & Bonus Depreciation examines the rules applicable to claiming §179 and special depreciation allowance - bonus depreciation, in other words - along with a discussion of IRS Form 4562 used to claim both accelerated depreciation deductions. |
| Usage Rank : | 30000 |
| Release : | 2026 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Internal: Navigating Form 1040 Schedule C Depreciation and Section 179
Internal: Federal Tax Updates Business Entities IRS Procedure and Tax Legislation
External: IRS Instructions for Form 4562 Depreciation and Amortization
External: IRS Publication 946 How To Depreciate Property Section 179 and Bonus Depreciation
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 03-Jul-2026 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2885 |
| Keywords : | Taxes, Section, 179, Bonus, Depreciation, cpe, cpa, online course |
| Learning Objectives : | Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1 The §179 Deduction Chapter Learning ObjectivesUpon completion of this chapter, the tax preparer should be able to:
Chapter 2 Special Depreciation Allowance Chapter Learning ObjectivesUpon completion of this chapter, the tax preparer should be able to:
Chapter 3 IRS Form 4562 Chapter Learning ObjectivesUpon completion of this chapter, the tax preparer should be able to:
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| Course Contents : | Course Learning Objectives Introduction to The Course Chapter 1 – The §179 Deduction Introduction Chapter Learning Objectives The §179 Deduction Qualifying for the §179 Deduction Eligible Property Tangible Personal Property Off-The-Shelf Computer Software Qualified §179 Real Property Qualified Improvement Property Property Acquired for Business Use Partial Business Use Property Must be Acquired by Purchase Non-Qualifying Property Deduction Amount Like-Kind Exchanges §179 Dollar Limits Situations Affecting Dollar Limit Costs Exceeding the Phaseout Threshold Sport Utility and Certain Other Vehicles Married Individuals Joint Return After Filing Separate Returns Business Income Limit Taxable Income Two Different Taxable Income Limits Carryover of Disallowed Deduction Partnerships and Partners Partnership's Taxable Income Partner's Share of Partnership's Taxable Income Different Tax Years Adjustment of Partner's Basis in Partnership Adjustment of Partnership's Basis in §179 Property S Corporations Figuring Taxable Income for an S Corporation Records of §179 Property Election for Qualified §179 Real Property Revoking an Election Other Corporations Electing the Deduction Deduction Recapture Figuring the Recapture Amount Summary Chapter 1 Review Chapter 2 - Special Depreciation Allowance Introduction Chapter Learning Objectives Nature of the Special Depreciation Allowance Qualified Property Qualified Reuse and Recycling Property Excepted Property Qualified Property Acquired and Placed in Service After January 19, 2025 Certain Qualified Property Acquired September 28, 2017 - January 19, 2025 Long Production Period Property Noncommercial Aircraft Special Rules - Syndicated Leasing Transactions Excepted Property Certain Plants Bearing Fruits and Nuts Planted or Grafted After January 19, 2025 Certain Plants Bearing Fruits and Nuts Planted or Grafted Before January 20, 2025 Qualified Production Property Integral Part of Qualified Production Activity De Minimis Rule Certain Property NOT Qualified Production Property Used Property may be Qualified Product Property Qualified Production Activity Essential Activities Treatment of Storage Space and Loading Bays Related Activities No Substantial Transformation Ownership of the Qualified Product Date of Acquisition Placed-In-Service-Date Requirement Coordination with Certain Other Provisions Other Special Depreciation Allowances Alternative Depreciation Property Recapture Election to Forgo Bonus Depreciation Allowance Allocation of Basis to Eligible Property Dual-Use Infrastructure Figuring the Special Depreciation Allowance Depreciable Basis Depreciating the Remaining Cost Like-Kind Exchanges and Involuntary Conversions Electing Not To Claim an Allowance Timely Election Revoking an Election Allowance Recapture Qualified GO Zone Property Allowance Recapture Certain Qualified Plant Property Recapture of Allowance for Qualified Recovery Assistance Property Recapture of Allowance for Qualified Disaster Assistance Property Bonus Depreciation vs. Section 179 Summary Chapter 2 Review Chapter 3 – IRS Form 4562 Introduction Chapter Learning Objectives Who Must File IRS Form 4562 Depreciable Basis Applicable Only to Business Use Recording the §179 Election Before Starting the Form 4562 Form 4562 Line 1 Recapture Rule Can Apply Form 4562 Line 2 Form 4562 Line 3 – Reduction for Excess Cost Form 4562 Line 4 – Tentative §179 Deduction Form 4562 Line 5 – Elected Cost of §179 Property When the Taxpayer & Spouse File Separately Form 4562 Line 6 Form 4562 Line 7 Form 4562 Line 8 Form 4562 Line 9 Form 4562 Line 10 Form 4562 Line 11 Business Income Limitation Individuals Partnerships S Corporations Corporations Other Than S Corporations Form 4562 Line 12 Form 4562 Line 13 Recording the Special Depreciation Allowance Form 4562 Line 14 Form 4562 Line 15 Form 4562 Line 16 Summary Chapter 3 Review Glossary |
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