IRS 2007 Depreciation pub 946

IRS 2007 Depreciation pub 946 - Department of the Treasury...

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Contents Department of the Treasury Internal Revenue Service What’s New ............................... 2 Important Reminders ....................... 2 Publication 946 Introduction .............................. 2 Cat. No. 13081F 1. Overview of Depreciation .................. 3 What Property Can Be Depreciated? . ........ 4 What Property Cannot Be Depreciated?. ...... 6 How To When Does Depreciation Begin and End? . .... 7 What Method Can You Use To Depreciate Your Property?. ...................... 8 Depreciate What Is the Basis of Your Depreciable Property?. .......................... 12 How Do You Treat Repairs and Property Improvements? . ..................... 13 Do You Have To File Form 4562?. ........... 13 Section 179 Deduction How Do You Correct Depreciation Deductions?. ........................ 14 Special Depreciation 2. Electing the Section 179 Deduction .......... 16 Allowance What Property Qualifies? . ................. 16 What Property Does Not Qualify?. 17 MACRS How Much Can You Deduct? . .............. 18 How Do You Elect the Deduction? . 23 Listed Property When Must You Recapture the Deduction? . ... 23 3. Claiming the Special Depreciation For use in preparing Allowance ............................. 24 What Is Qualified Property? . ............... 24 2007 Returns How Much Can You Deduct? . 28 How Can You Elect Not To Claim an Allowance? . 29 When Must You Recapture an 29 4. Figuring Depreciation Under MACRS 30 Which Depreciation System (GDS or ADS) Applies?. ........................... 30 Which Property Class Applies Under GDS?. 31 What Is the Placed-in-Service Date? . 34 What Is the Basis for Depreciation? . ......... 34 Which Recovery Period Applies? . 34 Which Convention Applies? . 36 Which Depreciation Method Applies?. 37 How Is the Depreciation Deduction Figured? . 39 How Do You Use General Asset Accounts? . ......................... 49 When Do You Recapture MACRS Depreciation?. 53 5. Additional Rules for Listed Property 54 What Is Listed Property? . 54 Can Employees Claim a Deduction?. 56 What Is the Business-Use Requirement? . ..... 57 Do the Passenger Automobile Limits Apply?. 61 Get forms and other information What Records Must Be Kept?. 65 faster and easier by: How Is Listed Property Information Reported? . 67 Internet www.irs.gov 6. How To Get Tax Help 68
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Appendix A — MACRS Percentage Table property placed in service before January 1, 2008, is Guide ................................ 70 treated as 15-year property under MACRS. See Which Property Class Applies Under GDS in chapter 4. Appendix B — Table of Class Lives and Recovery Periods ....................... 96 Recovery periods for Indian Reservation property. The shorter recovery periods for qualified property placed Glossary ................................. 107 in service on an Indian reservation applies to property Index .................................... 109 placed in service before January 1, 2008. See Indian Reservation Property under Which Recovery Period Ap- plies in chapter 4. What’s New Bonus depreciation for qualified cellulosic biomass ethanol plant property. A 50% special depreciation al- Increased section 179 deduction dollar limits. The lowance is available for qualified cellulosic biomass etha- maximum amount you can elect to deduct for most section nol plant property placed in service after December 20, 179 property you placed in service in 2007 is $125,000 2006. See Qualified Cellulosic Biomass Ethanol Plant ($160,000 for qualified enterprise zone and renewal com- Property in chapter 3.
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IRS 2007 Depreciation pub 946 - Department of the Treasury...

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