Page 17

- 17 -

Returns (§ 1(d)) .25 Election to Expense Certain Depreciable Assets. For taxable years beginning in 2018, under § 179(b)(1), the aggregate cost of any § 179 property that a taxpayer elects to treat as an expense cannot exceed $520,000. Under § 179(b)(2), the $520,000 limitation is reduced (but not below zero) by the amount the cost of § 179 property placed in service during the 2018 taxable year exceeds $2,070,000. .26 Eligible Long-Term Care Premiums. For taxable years beginning in 2018, the limitations under § 213(d)(10), regarding eligible long-term care premiums includible in the term "medical care," are as follows: Attained Age Before the Close of the Taxable Year Limitation on Premiums 40 or less $420 More than 40 but not more than 50 $780 More than 50 but not more than 60 $1,560 More than 60 but not more than 70 $4,160 More than 70 $5,200 .27 Medical Savings Accounts. (1) Self-only coverage. For taxable years beginning in 2018, the term "high deductible health plan" as defined in § 220(c)(2)(A) means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,300 and not more than $3,450, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $4,600.

loading…

Page 17

Official source

- 17 -

Returns (§ 1(d)) .25 Election to Expense Certain Depreciable Assets. For taxable years beginning in 2018, under § 179(b)(1), the aggregate cost of any § 179 property that a taxpayer elects to treat as an expense cannot exceed $520,000. Under § 179(b)(2), the $520,000 limitation is reduced (but not below zero) by the amount the cost of § 179 property placed in service during the 2018 taxable year exceeds $2,070,000. .26 Eligible Long-Term Care Premiums. For taxable years beginning in 2018, the limitations under § 213(d)(10), regarding eligible long-term care premiums includible in the term "medical care," are as follows: Attained Age Before the Close of the Taxable Year Limitation on Premiums 40 or less $420 More than 40 but not more than 50 $780 More than 50 but not more than 60 $1,560 More than 60 but not more than 70 $4,160 More than 70 $5,200 .27 Medical Savings Accounts. (1) Self-only coverage. For taxable years beginning in 2018, the term "high deductible health plan" as defined in § 220(c)(2)(A) means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,300 and not more than $3,450, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $4,600.