Video: Cost Recovery Summary

In this lesson, Nick Palazzolo, CPA, wraps up the key elements of cost recovery, ensuring clear understanding of the various depreciation methods and conventions, such as makers and Section 179 expensing. He discusses how to recognize expenses and highlights the significance of knowing the order of cost recovery and keeping up-to-date with yearly changes in thresholds and numbers. Nick also reiterates the importance of memorizing the current parameters provided in the lesson's resources, hinting at the ever-evolving nature of tax codes and the need for ongoing review.