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Introduction to Fixed Assets e-book (2024)

Introduction to Fixed Assets e-book (2024)

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This book is for preparing 2024 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). 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: E24314

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Electronic PDF - 148 pages

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