Browse Tag: tax code

The PATH Act And Now-Permanent Property Depreciation Rules

Exterior of the Internal Revenue Service offic...
Exterior of the Internal Revenue Service office in midtown New York. (Photo credit: Wikipedia)

The Protect Americans From Tax Hikes (PATH) Act was signed into law days ago by President Obama, a bill that rolls together a great many
temporary IRS rules and makes them permanent. Included in the long list — viewable in some detail entirety at the always-detailed JD Supra law blog —  are the rules for cost recovery on certain types of real property.  These rules speak to the time it takes from an asset to move in value from its purchase price to its salvage value, a process also known as depreciation.

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