How does accelerated depreciation work + request for resources

[Victor B.]

One thing often mentioned on the BP podcasts is benefiting from accelerated depreciation for tax purposes (specifically, I'm talking about taking a 100% depreciation in the year of purchase). I recently reached out to an accountant and they gave me a very different picture than what is often presented by BP (or at least, my understanding of it), so I'm hoping people here can help clarify how exactly this works and share some resources (ideally including links to the specific parts of the tax code that allow for this).

My understanding is that you need to do a segregation study as certain parts of the purchase (such as land and structural elements) cannot be depreciated, but everything else is pretty much fair game. However, that accountant I spoke with said the following:

- The special depreciation only allows the 100% deduction in the year the asset is placed in service (sounds like this disallows repurchasing?)

- The special depreciation generally (only?) applies to property with 20 years or less useful life (how is this determined?) and that it must be placed in service before January 1, 2023 (is this exemption being removed?)

Given the above, it sounds like most buildings are not eligible, however the BP podcast makes it sound like this is the standard approach. Would love some help filling in the blanks of my knowledge/correcting my misunderstandings.

Thanks!