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The mid-month convention applies only to real property. Under the mid-month convention, one-half month of depreciation is allowed for the month the asset is placed in service or disposed of and a full month of depreciation is allowed for each additional month of the year that the asset is in service.
A half-year depreciation is allowed in the first and last recovery years. If more than 40% of the year's MACRS property is placed in service in the last three months, then a mid-quarter convention must be used with depreciation tables that are not shown here.
For tax accounting, Half-year convention is a principle of United States taxation law. Certain property is subject to depreciation. Depreciation allows one to deduct a certain amount of the value or basis of depreciable property per taxable year. A person with depreciable property must know when to start depreciating their property.
Bonus Depreciation: Allows businesses to deduct a significant portion of an asset’s cost in the first year. However, it’s being phased out by 2027 unless Congress decides to amend the tax code.
Finally, it is important to determine the applicable convention for depreciation. Section 168(d)(4) of the U.S. Tax Code gives three different types: half year convention, the mid-month convention, and the midquarter convention. Conventions determine how much of the depreciation deduction the taxpayer may take the first year.
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