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Unformatted text preview: 1245 Calculator Comprehensive CD Cover Depreciation Calculator Clear Chart 1231 Calculator Depreciation Slides Tax Form for Depreciation Capital Gains Calculator 3 year property Year 5 refers to the portion "Depreciable Basis"year property of an asset's basis subject to the allowance of depreciation. Typically, the full section 1016 7 year property basis is depreciable; however, for property converted from personal 1 to business use, the depreciable basis is limited to the lesser of the 1016 basis or fair market value at theA "convention" presumesTreas. time of conversion. See that all 2 property is purchased or sold on the Reg. section 1.167-7(a)(5). same day. For example, the "mid60,000.00 year" convention sets all purchases 3 Depreciable Basis and sales on July 1 of a calendar Salvage zero year. PerValue is the predicted midSalvage section 168(d)(1), the 4 Depreciation Method DDB year convention is presumed for 3, 5, amount for which the property can and be sold at the But, see Convention mid-year7 year property. end of itssection 5 useful life. if more than 40% of 168(d)(3) For purposes of property 168, Depreciation Methods include:the depreciableplaced into value is during Type in Straight sectionis salvage service presumed to be6 zero. Line, Declining Balance, Double Declining the final quarter of the year. bSum of the Year's box. asis in the red Balance, Unit of Use, and 7 Plus, click Digits. Per Section 168(b)(1)(A), the on the applicable depreciation method is recovery appropriate 8 presumed to be "double declining balance" period. for 3, 5, and 7 year property. 168 Deduction 19,998.00 26,670.00 8,886.00 4,446.00 This does not apply to property affected by sections 179 or 280F. © Steven J. Willis 2001 1 ...
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