"ICYMI: President Trump's landmark legislation expanded a tax break known as bonus depreciation, which now lets business owners deduct 100% of certain purchases from their taxable income. Eligible splurges include yachts, cars, racehorses, and private jets-as long as they're used for business more than half of the time. Demand is climbing: Sales of private jets are up by 11% from this time last year, according to data from the jet broker Global Charter."
" Horse sales at the world's largest thoroughbred auction in Kentucky grew by 24% last month compared to 2024. Gas stations and car washes also qualify. Sales of these establishments spiked after Trump temporarily expanded bonus depreciation in 2017. One entrepreneur told Bloomberg that he avoided millions of dollars in taxes by buying several car washes, which offset income from the sale of his family business."
President Trump's legislation expanded bonus depreciation to allow business owners to deduct 100% of qualifying purchases from taxable income when assets are used for business more than half the time. Eligible purchases include yachts, cars, racehorses, private jets, gas stations, and car washes. Demand for qualifying luxury assets has risen, with private jet sales up 11% year-over-year and thoroughbred auction sales up 24% compared with last year. Some entrepreneurs purchased qualifying businesses to offset taxable income. The provision is projected to reduce IRS revenue by $363 billion over the next decade.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]