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Introduction to Fixed Assets textbook (2022)

Introduction to Fixed Assets textbook (2022)

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Overview

Description:

This book is for preparing 2022 taxes. It 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, it explains how to report the sale of business property on Form 4797, as well as the tax consequences of these sales. This book will help you prepare forms for Form 1040, C corporation (Form 1120), partnership (Form 1065) and S corporation (Form 1120-S) returns.

View Table of Contents.

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 versus 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: 22314

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 152 Pages


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Corresponding CPE Courses:

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