Cost Recovery 2013 (1)


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Unformatted text preview: r 2007. The property must be MACRS property with a life of 20 years or less. The additional depreciation is 50 percent for 2013 (100 percent for 2011) of the basis of the property. Listed Property Listed Property Property used for transportation, entertainment, recreation, or amusement; a computer or peripheral; or a mobile phone. If the business use of the asset is less than 50 percent of the total use, the deductions are limited – No § 179 expense is allowed with respect to the asset. – Straight line depreciation is required. There is recapture if the use drops below 50 percent before the expiration of the assets life. Automobiles Automobiles Applies to all autos and light­duty trucks. – Light­duty is less than 6,000 pounds – IRS recently relaxed rules for special purpose vehicles. Limitation on annual depreciation— – Calculate dep...
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