Asset Depreciation
Allows you to generate and print asset depreciation schedules. When you have entered the information about an asset, you have the choice of saving that information on disk. If you save it, you can recall it at any time in the future, change anything you want, and put the depreciation amounts on the screen for easy transfer to your tax return or tax plan. This can be very useful at tax time, particularly if you've misplaced the printed report. Computes Straight Line, Sum of the Years Digits, Declining Balance, ACRS Personal Property, ACRS Real Estate and ACRS Low Income Housing depreciation.
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This function allows you to generate/print
asset depreciation schedules. When you have entered the information about an asset, you
have the choice of saving that information on disk. If you save it, you can recall it at
any time in the future, change anything you want, and put the depreciation amounts on the
screen for easy transfer to your tax return or tax plan. This can be very useful at tax
time, particularly if you’ve misplaced the printed report.
The depreciation methods built into this function are:
| Straight Line |
using
any life you specify. Half Month, Half Year and Half Quarter rules are utilized as
required in the current law. |
| Sum of the Years Digits |
using any life you specify. Half Month, Half Year and Half Quarter rules are utilized as
required in the current law. |
| Declining Balance |
by any factor previously allowed in the law, including 125%, 150%, 175% and 200% using any
life you specify. Optional automatic switchover to Straight Line is provided. Half Month,
Half Year and Half Quarter rules are utilized as required in the current law. |
| ACRS Personal Property |
using any of the 3, 5, 10, and 15 year life tables. A short year option for personal property is
provided. |
| ACRS Real Estate |
using any of the 15, 18, and 19 year tables by month |
| ACRS Low Income Housing |
If you use Low Income Housing ACRS depreciation, the amount shown as "Subject to
Recapture" is reduced by 1% for each month greater than 100 months, as currently
allowed in the tax law. |
The depreciation schedule shows the amount "Subject to Recapture". This
amount is computed simply as the excess depreciation above the straight line depreciation
amount at the end of the year involved. Depending on the situation, this MAY NOT be the
actual amount subject to recapture under the law. For instance, use of ACRS depreciation
for commercial property may cause the entire amount of depreciation to be recaptured
regardless of what is computed here.
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Allows you to generate and print asset depreciation schedules. When you have entered the information about an asset, you have the choice of saving that information on disk. If you save it, you can recall it at any time in the future, change anything you want, and put the depreciation amounts on the screen for easy transfer to your tax return or tax plan. This can be very useful at tax time, particularly if you've misplaced the printed report. Computes Straight Line, Sum of the Years Digits, Declining Balance, ACRS Personal Property, ACRS Real Estate and ACRS Low Income Housing depreciation.
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