Capitalizing Fixed Assets and Deducting Depreciation On-Demand Webinar

Summary

Taxpayers want to expense everything right away, but as tax preparers, our job is to know when to say no. In this webinar, we’ll discuss when a purchase is a capital asset and not immediately expendable; and when improvements are betterments, adaptations or restorations of the unit of property or asset that are capitalized, or a repair that can be immediately expensed. In addition, we’ll discuss determining an asset’s useful life, the cost recovery or depreciation method, and convention to use to depreciate an asset. Lastly, we will walk through an example showing how to report the depreciation on Form 4562, Depreciation and Amortization.

Objectives

Upon completion of this course, you will be able to:

• Determine when a purchase must be capitalized and depreciated
• Identify when improvements are capitalized as a betterment, adaptation or restoration, or expendable as a repair
• Determine class lives for assets
• Summarize the various depreciation conventions
• Differentiate between MACRS, bonus depreciation and §179
• Prepare Form 4562

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.