The U.S. IRS updated the Instructions for Form 4562 (2022) - Depreciation and Amortization (Including Information on Listed Property), dated 7 January 2023. The "What's New" section of the instructions notes the following, including the maximum section 179 deduction (immediate expense) limit.
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What's New
Section 179 deduction dollar limits.
For tax years beginning in 2022, the maximum section 179 expense deduction is $1,080,000. This limit is reduced by the amount by which the cost …