Introduction to Fixed Assets
This course introduces tax professionals to basic depreciation on Form 4562, including §179 and bonus depreciation. It reviews the special rules for listed property (passenger automobiles, etc.), it explains how to report the sale of business property on Form 4797 and the tax consequences of such sales.
Upon completion of this course, you will be able to:
- Identify the depreciation methods for fixed assets.
- Apply the listed property rules.
- Outline the requirements for claiming §179.
- Determine if a change in property is an improvement vs. a repair.
- Complete the Form 4562 when required
- Report the disposition of business property in the appropriate section of Form 4797.
- Calculate the gain or loss on sale.
- Define depreciation recapture, unrecaptured §1250 gain, and nonrecaptured §1231 losses.
- Determine when §280F recapture is necessary.
This course includes an e-book. CPE is issued after exam is successfully completed.