Depreciation Quickfinder Handbook

The trusted tax depreciation guide book

The Depreciation Quickfinder Handbook is your trusted source for quick reference solutions to 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. It provides quick answers to all your business property questions in a concise, easy-to-use format.

The depreciation book depended on by tax and accounting professionals

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

See information above for new edition availability. To order the current or prior tax year editions, please call us at 800-431-9025.

• Depreciation Quickfinder Handbook 2020
  • Depreciation Quickfinder Handbook
  • Tab 1—Depreciable Property
    • What Property Can Be Depreciated?
    • Depreciable Basis
    • Tangible Property Regulations
    • Property Acquired By Purchase
    • Currently Deductible Repairs
    • Capitalized Improvements
    • Materials and Supplies
    • Rotable, Temporary, and Standby Emergency Spare Parts
    • Inherited Property
    • Property Acquired as a Gift
    • Property Acquired in Tax-Free Transactions
  • Tab 2—MACRS
    • General Depreciation System (GDS)
    • Alternative Depreciation System (ADS)
    • Assigning the Recovery Period
    • Conventions
    • Computing Depreciation
    • Placed In and Taken Out of Service
    • Alternative Minimum Tax (AMT) Depreciation
    • Farm Property
    • Short Tax Years
    • Special (Bonus) Depreciation
    • Qualified Disaster Assistance Property
    • General Asset Accounts
    • Changes in an Asset’s Use
    • Depreciable Property and Cost Recovery
  • Tab 3—Other Depreciation Methods
    • Accelerated Cost Recovery System (ACRS)
    • Alternate ACRS (Modified Straight-Line) Method
    • ACRS Deductions in Short Tax Years
    • Other Depreciation Methods
    • Assets Placed in Service Before 1981
    • Depletion
    • Oil and Gas
    • Direct Working Interest Owner
    • Royalty Interest Owner
    • Other Key Tax Considerations
  • Tab 4—MACRS Depreciation Tables
  • Tab 5—Section 179 Expensing
    • Increased Limits for Targeted Areas
    • Business Taxable Income Limit
    • Pass-Through Entities
    • Qualifying Property
    • Making the Section 179 Election
    • Section 179 Recapture
  • Tab 6—Vehicles and Listed Property
    • Special Rules for Listed Property
    • Business Use Requirement for Listed Property
    • Lessee’s Income Inclusion Amount—Listed Property Other Than Autos
    • Limits on Vehicle Depreciation
    • Special (Bonus) Depreciation and the Section 280F Limit
    • Section 179 Expensing Rules
    • Standard Mileage Rates vs. Actual Costs
    • Leased Vehicles
    • Alternative Motor Vehicle Credit
    • Credits for Plug-In Vehicles
  • Tab 7—Real Property
    • What Is Real Property?
    • Farm Buildings
    • Business Use of Home
    • Converting a Residence to Rental Property
    • Effect of Rental or Business Use on Sale of Residence
    • Land Improvements
      • Roads
    • Energy Efficient Commercial Building Deduction
      • Deduction Amount
    • Nonbusiness Energy Property Credit
    • Leasehold Improvements
    • Finding Personal Property Included in a Building’s Cost (Cost Segregation)
    • Structural Component vs. Personal Property
    • IRS View of Cost Segregation Studies
  • Tab 8—Sales and Dispositions
    • Disposing of Business Assets (Section 1231 Transactions)
    • Depreciation Recapture
      • Ordinary Income Treatment
    • Section 1245 Depreciation Recapture
    • Section 1250 Depreciation Recapture
    • Other Recapture Events
    • Sales of Depreciable Real Property
    • Installment Sales
    • Borrower’s Property Is Foreclosed or Repossessed
    • Foreclosing on Seller-Financed Real Estate
    • 3.8% Net Investment Income Tax (NIIT)
    • Qualified Opportunity Funds
  • Tab 9—Exchanging Property
    • Like-Kind Exchanges
    • Held for Business or Investment Use
    • What Is Like-Kind Property?
    • Recognizing Gain on an Exchange
    • Basis and Holding Period of Property Received
    • Depreciating Property After a Like-Kind Exchange
    • Exchanging Property Subject to Debt
    • Deferred Exchanges
    • Qualified Intermediaries
    • Involuntary Conversions
    • Condemned Real Estate
  • Tab 10—Correcting Depreciation Errors
    • Requesting an Accounting Method Change
    • Example—Change in Accounting Method
  • Tab 11—Intangible Assets
    • Amortizable Intangibles
    • Depreciable Intangibles
    • Section 197 Intangibles
    • Amortizing Section 197 Assets
    • Disposing of Section 197 Assets
    • Intangible Drilling Costs
    • Business Start-Up Costs
    • Organizational Costs
    • Reforestation Costs
    • Research and Experimental Expenditures
    • Income Forecast Method
  • Tab 12—IRS Materials
    • Rev. Proc. 87-56, Class Lives and Recovery Periods
    • Tables of Class Lives and Recovery Periods
    • Section 6 of Rev. Proc. 2019-43, Depreciation or Amortization Accounting Method Changes
      • 6. Depreciation Or Amortization (§56(a)(1), 56(g)(4)(A), 167, 168, 197, 280F(a), 1400I, 1400L, or 1400N(d), Or Former §168)
  • Tab 13—What’s New and Glossary
    • Glossary
  • Back Cover

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