Your trusted tax quick reference depreciation guide
The Depreciation Quickfinder Handbook is your trusted source for quick reference solutions. It will help you determine the right recovery period, compute the right amount of depreciation, decide whether expenses need to be capitalized, manage the special rules for autos and other listed property, claim the Section 179 and bonus depreciation deductions, correct depreciation errors, work with like-kind exchanges and involuntary conversions, and simplify a host of other complex tax issues. The Handbook provides quick answers to all your business property questions in a concise, easy-to-use format.
For tax professionals who need more information on business property issues, this Handbook is the perfect companion to the widely relied upon 1040 and Small Business Quickfinder Handbooks. It concisely explains how to handle business property issues on tax returns, and how to plan business property transactions for optimal tax results.
The Handbook gets you the accurate answers you need quickly with:
- Material that’s organized in a unique tab structure based on the issues you most frequently encounter with business property tax topics.
- Lots of quick reference tables and charts that get you the answers you need without having to read through pages and pages of text, including easy-to-read depreciation tables for MACRS (with or without bonus depreciation), ADS, AMT, and ACRS.
- Examples throughout that illustrate how the tax rules apply and how to report items on the return.
- A new law tab that summarizes significant current-year tax changes that are addressed throughout the Handbook so you can quickly get up to speed on what’s changed and what to watch out for when preparing current-year returns.
- References to relevant Internal Revenue Code sections, IRS regulations and rulings, and court cases, so you can dig deeper when needed.
- Coverage of property dispositions, including tricky tax rules for installment sales, like-kind exchanges, and depreciation recapture.
Tax Cuts and Jobs Act (TCJA) coverage includes:
- 100% Bonus Depreciation. It’s not so simple as deducting everything – the Handbook explains what qualifies and how to decide between expensing versus capitalizing, bonus depreciation, and Section 179 expensing.
- Increase Section 179 Limits. While 100% bonus depreciation is dominating the cost recovery headlines, the Handbook explains situations that call for using the Section 179 deduction – which is available up to a historically large limit and for newly broadened types of qualified property.
- Like-Kind Exchanges and Form 4797. Like-kind exchanges are now allowed only for certain real property – meaning many more transactions will be reported as taxable on Form 4797, including traditionally tax-free vehicle trade-ins. The Handbook shows you how to comply.