- NY Credits : 8.0
- TX Credits : 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
Individual Income Tax Depreciation
This course covers depreciation for all types of depreciable property including the impact made by the Tax Cuts and Jobs Act (P.L. 115-97). It includes the latest rules on Section 179 including expensing for qualified real property. This course covers depreciation of tangible personal property, including issues concerning the MACRS recovery periods, additional first year depreciation and modifying conventions. It also covers depreciation in the year of disposition and the alternative depreciation system. This course covers the discussion of depreciation of tangible personal property, real property, improvements to land, and leasehold improvements. The course concludes with a case study that will review the majority of depreciation concepts.
Upon successful completion of Individual Income Tax Depreciation, the user should be able to:
apply and calculate the MACRS recovery each year, including years of acquisition and disposition,
recognize how and when to take additional first-year depreciation,
determine appropriate Section 179 expense deductions,
identify listed property and depreciation of such property,
recognize the additional limits placed on automobiles and light trucks,
determine the recovery of start-up costs and organization costs,
apply the Section 179 expensing limits for qualified real property,
determine when improvements to land are depreciable and the modifying convention for real property under MACRS, and
use Form 4562 for real property, rental properties, and also a start-up company through case studies.