p946 - Department of the Treasury Contents Internal Revenue...

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Unformatted text preview: Department of the Treasury Contents Internal Revenue Service What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Publication 946 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Cat. No. 13081F 1. Overview of Depreciation . . . . . . . . . . . . . . . . . . 3 What Property Can Be Depreciated? . . . . . . . . . . . 3 How To What Property Cannot Be Depreciated? . . . . . . . . . 5 When Does Depreciation Begin and End? . . . . . . . 6 What Method Can You Use To Depreciate Depreciate Your Property? . . . . . . . . . . . . . . . . . . . . . . . 7 What Is the Basis of Your Depreciable Property? . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Property How Do You Treat Repairs and Improvements? . . . . . . . . . . . . . . . . . . . . . . 13 Do You Have To File Form 4562?. . . . . . . . . . . . . 13 • Section 179 Deduction How Do You Correct Depreciation Deductions? . . . . . . . . . . . . . . . . . . . . . . . . . 13 • Special Depreciation 2. Electing the Section 179 Deduction . . . . . . . . . . 15 Allowance What Property Qualifies? . . . . . . . . . . . . . . . . . . . 15 • MACRS What Property Does Not Qualify? . . . . . . . . . . . . . 17 How Much Can You Deduct? . . . . . . . . . . . . . . . . 18 • Listed Property How Do You Elect the Deduction? . . . . . . . . . . . . 22 When Must You Recapture the Deduction? . . . . . 23 For use in preparing 3. Claiming the Special Depreciation Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 2009 Returns What Is Qualified Property? . . . . . . . . . . . . . . . . . 24 How Much Can You Deduct? . . . . . . . . . . . . . . . . 33 How Can You Elect Not To Claim an Allowance? . . . . . . . . . . . . . . . . . . . . . . . . . 33 When Must You Recapture an Allowance? . . . . . . 34 4. Figuring Depreciation Under MACRS . . . . . . . . 34 Which Depreciation System (GDS or ADS) Applies? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Which Property Class Applies Under GDS? . . . . . 35 What Is the Placed in Service Date? . . . . . . . . . . . 38 What Is the Basis for Depreciation? . . . . . . . . . . . 39 Which Recovery Period Applies? . . . . . . . . . . . . . 39 Which Convention Applies? . . . . . . . . . . . . . . . . . 41 Which Depreciation Method Applies? . . . . . . . . . . 43 How Is the Depreciation Deduction Figured? . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 How Do You Use General Asset Accounts? . . . . . 54 When Do You Recapture MACRS Depreciation? . . . . . . . . . . . . . . . . . . . . . . . . 58 5. Additional Rules for Listed Property . . . . . . . . . 59 What Is Listed Property? . . . . . . . . . . . . . . . . . . . 59 Can Employees Claim a Deduction? . . . . . . . . . . . 61 What Is the Business-Use Requirement? . . . . . . . 62 Do the Passenger Automobile Limits Apply? . . . . . 66 What Records Must Be Kept? . . . . . . . . . . . . . . . .What Records Must Be Kept?...
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This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

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p946 - Department of the Treasury Contents Internal Revenue...

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