The ability to write off the cost of assets versus having to depreciate them over time just got better.
New Immediate Write Off Limits Are as Follows:
- 2010 and 2011– you are allowed to write off $500,000 if you do not purchase new assets in total of more than $2 million
- 2012 – the amount is decreasing this year to $125,000 available write-off with an new asset limit of $500,000
- 2012 – the amount is decreasing this year to only $25,000 available write-off with an new asset limit of $200,000
- You cannot take Idaho investment tax credit on these assets
- The property can be new property or used property as long as it is new to you
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