Description:

This book is for preparing 2025 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 (property that is used for both business and personal purposes, such as vehicles), such as depreciation recapture under §280F. 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.

• Identifying the depreciation methods for fixed assets
• Applying the listed property rules
• Determining when §280F recapture is necessary
  
• Outlining 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
• Defining depreciation recapture, unrecaptured §1250 gain and nonrecaptured §1231 losses
  
• Reporting the disposition of business property on the appropriate section of Form 4797
• Calculating the gain or loss on a sale

Product Details:

Item Number: 25314

Level: Basic

Authors: NATP Staff

Published: 2025

Format: Print - 152 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2025 course.