straight line method over? 5 years 27 1/2years 31 1/2 years or 39 years
Unfortunately depreciation is not that simple. There are five primary pieces of info that you need in order to calculate your depreciable tax deduction:
1. The depreciation system you need to use – GDS or ADS
2. The property classification of your asset
3. The cost basis of the asset
4. The convention
5. The depreciation method
We have a guide that will walk you through each step on how to do this. You can access it via this link: https://fitsmallbusiness.com/macrs-depreciation-calculator/.
Instead of trying to calculate this manually, we recommend that you use a tax software like TurboTax. It will do all of the calculations for you! You can learn more about TurboTax and sign up for an account via this link:https://fitsmallbusiness.com/best-tax-software-provider-turbotax-vs-hr-block/.
All the Best-
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.