Description:

This book is for preparing 2023 taxes. This course introduces the basic depreciation concepts on Form 4562, Depreciation and Amortization, including the §179 election to expense certain depreciable business assets and bonus depreciation. It also reviews the special rules for listed property (passenger automobiles, etc.). Finally, the course explains how to report the sale of business property on Form 4797, Sales of Business Property, as well as the tax consequences of these sales.

Topics include:

• Identifying the depreciation methods for fixed assets
• Applying the listed property rules
• The requirements for claiming §179 and bonus depreciation
• Determining if a change in property is an improvement or a repair
• Completing Form 4562 when required
• Reporting the disposition of business property on the appropriate section of Form 4797
• Calculating the gain or loss on a sale
• Defining depreciation recapture, unrecaptured §1250 gain and nonrecaptured §1231 losses
• Determining when §280F recapture is necessary

Product Details:

Item Number: 23314

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print 

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.